Time (TIME) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 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	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		109,774,558

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 265	$ 519
Short-term Investments	60	0
Receivables, less allowances of $232 and $255	428	488
Inventories, net of reserves	42	48
Deferred tax assets	56	84
Prepaid expenses and other current assets	186	117
Total current assets	1,037	1,256
Property, plant and equipment, net	439	369
Intangible assets, net	1,064	1,085
Goodwill	2,249	3,117
Other assets	92	73
Total assets	4,881	5,900
Current liabilities
Accounts payable and accrued liabilities	541	621
Deferred revenue	454	458
Current portion of long-term debt	7	7
Total current liabilities	1,002	1,086
Long-term debt	1,364	1,368
Deferred tax liabilities	320	313
Deferred revenue	89	94
Other noncurrent liabilities	$ 197	$ 168
Commitments and contingencies (Note 13)
Stockholders' Equity
Common stock, $0.01 par value, 400 million shares authorized; 109.77 million and 109.05 million shares issued and outstanding at September 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	12,619	12,665
Accumulated deficit	(10,524)	(9,626)
Accumulated other comprehensive loss, net	(187)	(169)
Total stockholders' equity	1,909	2,871
Total liabilities and stockholders' equity	$ 4,881	$ 5,900

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Current assets
Allowance for doubtful accounts receivable	$ 232	$ 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)	109,770	109,050
Common stock outstanding (in shares)	109,770	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			9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Revenues
Advertising	$ 398		$ 428	$ 1,171		$ 1,279
Circulation	261		279	765		807
Other	114		114	290		300
Total revenues	773		821	2,226		2,386
Costs of revenues	308		324	879		967
Selling, general and administrative expenses	383		378	1,146		1,180
Amortization of intangible assets	21		19	60		58
Restructuring and severance costs	8		(6)	22		164
Asset impairments	0		0	0		26
Goodwill impairment	952	[1]	0	952	[1]	26
Operating income (loss)	(899)		106	(833)		(35)
Interest expense, net	19		19	58		31
Other (income) expense, net	(2)		3	3		(1)
Income (loss) before income taxes	(916)		84	(894)		(65)
Income tax provision (benefit)	(3)		36	4		(7)
Net income (loss)	$ (913)		$ 48	$ (898)		$ (58)
Per share information attributable to Time Inc. common stockholders:
Basic net income (loss) per common share (in dollars per share)	$ (8.30)		$ 0.44	$ (8.17)		$ (0.53)
Weighted average basic common shares outstanding	110,000		109,150	109,800		109,030
Diluted net income (loss) per common share (in dollars per share)	$ (8.30)		$ 0.44	$ (8.17)		$ (0.53)
Weighted average diluted common shares outstanding	110,000		109,740	109,800		109,030
Cash dividends declared per share of common stock	$ 0.19		$ 0	$ 0.57		$ 0
[1]	A Goodwill impairment charge of $952 million was recorded during the three and nine months ended September 30, 2015. An allocated Goodwill impairment charge of $26 million was recognized during the second quarter of 2014 in connection with the impending sale of our Mexico based GEX operations.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ (913)		$ 48	$ (898)		$ (58)
Foreign currency translation
Unrealized gains (losses) occurring during the period		(36)		(39)	(28)		6
Reclassification adjustment for losses realized in net income	[1]	0		4	1		4
Net foreign currency translation gains		(36)		(35)	(27)		10
Benefit obligations
Unrealized gains (losses) occurring during the period		5		7	4		(3)
Reclassification adjustment for (gains) losses realized in net income (loss)		4	[2]	0	5	[2]	3
Net benefit obligations		9		7	9		0
Other comprehensive income (loss)		(27)		(28)	(18)		10
Comprehensive income (loss)		$ (940)		$ 20	$ (916)		$ (48)
[1]	Foreign currency reclassification adjustments were the result of the sale of our U.K.-based joint venture in 2015 and our Mexico-based GEX operations in 2014.
[2]	Benefit plan reclassification adjustments were primarily the result of the settlement of our domestic excess pension plan obligation in July 2015 and are included within Selling, general and administrative expenses on the accompanying Statements of Operations.

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)	(58)			(69)	11
Other comprehensive income (loss)	10					10
Equity-based compensation and other	25		23	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 Sep. 30, 2014	2,793	1	12,669	0	(9,771)	(106)
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)	(898)				(898)
Other comprehensive income (loss)	(18)					(18)
Dividends	(63)		(63)
Equity-based compensation and other	17		17
Balance at end of period at Sep. 30, 2015	$ 1,909	$ 1	$ 12,619	$ 0	$ (10,524)	$ (187)

Consolidated and Combined State

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014
OPERATING ACTIVITIES
Net income (loss)	$ (898)		$ (58)
Adjustments to reconcile net income (loss) to cash provided by operations
Depreciation and amortization	129		135
Amortization of deferred financing costs and discounts on indebtedness	3		1
Loss on pension settlement	6		0
Asset impairments	0		26
Goodwill impairment	952	[1]	26
Gain (Loss) on Disposition of Assets			(2)
Gain on sale of non-operating assets	(2)		0
(Gain) loss on equity method of investee companies, net of cash distributions	8		4
Equity-based compensation expense	28		25
Deferred income taxes	32		(17)
Changes in operating assets and liabilities
Receivables	73		66
Inventories	5		(2)
Prepaid expenses and other assets	(90)		(56)
Accounts payable and other liabilities	(121)		(7)
Other, net	2		29
Cash provided by operations	127		170
INVESTING ACTIVITIES
Acquisitions, net of cash acquired	(115)		(18)
Divestitures of (investments in) equity affiliates	1		(11)
Proceeds from dispositions	4		41
(Purchases) sales of short-term investments, net	(60)		0
Capital expenditures	(132)		(30)
Cash used in investing activities	(302)		(18)
FINANCING ACTIVITIES
Proceeds from issuance of debt	0		1,377
Financing costs	0		(13)
Principal payments on Term Loan	(5)		(2)
Payments Related to Tax Withholding for Share-based Compensation	(12)		0
Excess tax benefits from equity-based compensation	1		0
Dividends paid	(63)		0
Net transfers from Time Warner	0		(1,400)
Net transfers from Time Warner	0		166
Cash (used in) provided by financing activities	(79)		128
Effect of exchange rate changes on Cash and cash equivalents	0		(1)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(254)		279
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	519		46
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 265		$ 325
[1]	A Goodwill impairment charge of $952 million was recorded during the three and nine months ended September 30, 2015. An allocated Goodwill impairment charge of $26 million was recognized during the second quarter of 2014 in connection with the impending sale of our Mexico based GEX operations.

Description of Business and Bas

Description of Business and Basis of Presentation (Notes)	9 Months Ended
	Sep. 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 150 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 have been extending the power of our brands through various investments and acquisitions, including the formation of Sports Illustrated Play, a new business devoted to youth and amateur sports, and the acquisition of inVNT, a company that specializes in live media. 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. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include accounting for asset impairments, multiple-element transactions, allowance for doubtful accounts, depreciation and amortization, magazine returns, business combinations, pension and other post-retirement benefits, equity-based compensation, income taxes, contingencies, litigation matters and reporting for certain transactions on a gross versus a net basis. 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 balance sheets are referred to as the “Balance Sheets” herein. 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 statements of stockholders' equity are referred to as the "Statements of Stockholders' Equity" 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 September 2015, guidance was issued that eliminates the requirement to restate prior period financial statements for measurement period adjustments following a business combination. The new guidance requires that the cumulative impact of a measurement period adjustment, including the impact on prior periods, be recognized in the reporting period in which the adjustment is identified. The prior period impact of the adjustment is to be presented separately on the face of the statement of operations or disclosed in the notes to the financial statements. The amendments in this guidance are effective on a prospective basis for fiscal years beginning after December 15, 2015 and for interim periods therein with early application permitted. We will adopt this guidance on January 1, 2016 and do not expect it to have a material impact on our Financial Statements upon adoption. 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. In August 2015, an amendment was issued to clarify the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements such that these costs can continue to be deferred and presented within assets and subsequently amortized ratably over the term of the line-of-credit arrangements, regardless of whether there are any outstanding borrowings in the line-of-credit arrangement. Upon adoption, this guidance is expected to decrease Other assets, which includes our deferred financing costs on our term loan ("Term Loan") and 5.75% senior notes ("Senior Notes"), 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. Debt issuance costs in connection with our revolving line-of-credit (the "Revolving Credit Facility") will continue to be reflected within Other assets and ratably amortized using the effective interest method over the term of the arrangement. 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. Interim Impairment Testing of Goodwill and Long-Lived Assets Goodwill is tested annually for impairment during the fourth quarter or earlier upon the occurrence of certain events or substantive changes in circumstances. Long-lived assets, including finite-lived intangible assets, do not require that an annual impairment test be performed. Instead, long-lived assets are tested for impairment upon the occurrence of a triggering event. Considering the impending sale of the Blue Fin Building (See Note 2, "Acquisitions and Dispositions – Dispositions – IPC Magazines Group Limited") and as a result of a decline in our publicly traded share price in the third quarter of 2015 and recent trends in our advertising and circulation revenues, we assessed Goodwill and certain long-lived assets for impairment as of September 30, 2015 . Based on applicable guidance, the first step of the two-step goodwill quantitative impairment analysis involves a comparison of the estimated fair value of the reporting unit to its carrying amount. In performing the first step, we determined the fair value of the reporting unit using a combination of a market-based approach and a discounted cash flow ("DCF") analysis, equally weighting the estimated fair value from each approach. Determining fair value requires significant judgment, including judgments about appropriate discount rates and perpetual growth rates and the amount and timing of expected future cash flows. We also considered the selection of appropriate peer group companies; control premiums appropriate for acquisitions in the industry in which we compete; and relative weighting of the DCF and market approaches. The cash flows employed in the DCF analyses are based on our long range plans adjusted for market trends and a long term growth rate. Discount rate assumptions are based on an assessment of market rates as well as the risk inherent in the future cash flows included in our estimates. In applying the market approach, we multiplied the average stock price of $18.93 on September 30, 2015 by the 109.77 million common shares outstanding, to determine the common equity value on a non-controlling basis. In order to determine the value of the common equity on a controlling basis, a control premium was applied. The significant assumptions utilized in the DCF analyses include a discount rate and a terminal growth rate. Specifically, in determining the fair value of the reporting unit for goodwill impairment testing purposes, we decreased our long-term estimates of the reporting unit's operating results and cash flows and incorporated a Company specific risk premium into the discount rate to account for unquantified risk that may still be present in the decreased forecast. We completed step one of our goodwill impairment testing and determined that the fair value of the reporting unit was lower than its carrying value. This required us to proceed to step two of the impairment analysis. Due to the complexity and effort required to estimate the fair value of the reporting unit in the second step of the analysis, the fair value estimates were based on preliminary analyses and assumptions that are subject to change. The second step of the analysis includes allocating the calculated fair value (determined in the first step) of the reporting unit to its assets and liabilities to determine an implied fair value of goodwill. The implied fair value of goodwill was determined in the same manner as the amount of goodwill recognized in an acquisition. That is, the estimated fair value of the reporting unit was allocated to all of the assets and liabilities of the unit (including unrecognized intangibles such as advertiser and subscriber relationships) as if the Company had been acquired and the estimated fair value was the purchase price paid. Given the pending sale of the Blue Fin Building, the fair value allocated to that asset reflects the sale price in the definitive sale agreement, which price exceeds the building's carrying value by approximately $400 million . Based on our preliminary analyses, the implied fair value of the goodwill was substantially lower than the carrying value of the goodwill for the reporting unit. Accordingly, we recorded our best estimate of $952 million ( $941 million , net of tax) during the third quarter of 2015, which is included in the noncash Goodwill impairment charge in the Statements of Operations for the three and nine months ended September 30, 2015 . The measurement of impairment will be completed in the fourth quarter of 2015 and further adjustments to the preliminary goodwill impairment charge, if any, may be recognized when we finalize the second step of the goodwill impairment test. In addition, we will perform our annual goodwill impairment test in the fourth quarter of the year ending December 31, 2015 , consistent with our existing accounting policy. We continue to experience declines in our print advertising and circulation revenues as a result of the continuing shift in consumer preference from print media to digital media and how consumers engage with digital media. If print media market conditions worsen, if the price of our publicly traded stock declines, or if our performance fails to meet current expectations, it is possible that the carrying value of our reporting unit, even after the current impairment of Goodwill, will exceed its fair value, which could result in recognition of an additional noncash impairment of Goodwill that could be material. The changes in the carrying amount of Goodwill during the nine months ended September 30, 2015 and the year ended December 31, 2014 were as follows (in millions) Balance, December 31, 2013 $ 3,162 Acquisitions (a) 10 Dispositions (b) (3 ) Foreign exchange movements (26 ) Impairments (c) (26 ) Balance, December 31, 2014 3,117 Acquisitions (a) 101 Foreign exchange movements (15 ) Purchase price adjustment (d) (2 ) Impairments (c) (952 ) Balance, September 30, 2015 $ 2,249 _______________________ (a) Acquisitions during the nine months ended September 30, 2015 related to the purchases of UK Cycling Events Limited and Faster Than Monkeys, Inc. in the first quarter, Evarn Limited, LeagueAthletics.com LLC and FanSided, LLC in the second quarter and League Sports Services LLC, inVNT, LLC, and International Craft & Hobby Fair Limited in the third quarter of 2015. Acquisitions in 2014 related to our purchase of Cozi Inc. during the second quarter of 2014. (b) In connection with the sale of our Mexico-based GEX operations in August 2014, the remaining Goodwill of $3 million was written off. (c) A Goodwill impairment charge of $952 million was recorded during the three and nine months ended September 30, 2015 . An allocated Goodwill impairment charge of $26 million was recognized during the second quarter of 2014 in connection with the impending sale of our Mexico based GEX operations. (d) Purchase price adjustments related to tax assets in connection with our Cozi Inc. acquisition. The impairment test for long-lived assets, including finite-lived intangible assets, utilized estimates of undiscounted future cash flows based on the use of the assets for their remaining useful life. The impairment test did not result in the impairment of any long-lived assets. Intangible assets as of September 30, 2015 and December 31, 2014 consisted of the following (in millions): Weighted Average Useful Life (in years) September 30, 2015 Gross Accumulated Amortization Net Tradenames (a) 20 $ 1,481 $ (448 ) $ 1,033 Customer lists and other intangible assets (a) 5 591 (560 ) 31 $ 2,072 $ (1,008 ) $ 1,064 Weighted Average Useful Life (in years) December 31, 2014 Gross Accumulated Amortization Net Tradenames (a) 20 $ 1,472 $ (397 ) $ 1,075 Customer lists and other intangible assets (a) 5 562 (552 ) 10 $ 2,034 $ (949 ) $ 1,085 _______________________ (a) Increase in gross tradenames, customer lists and other intangible assets was the result of acquisitions made during the nine months ended September 30, 2015 .

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2015
Dispositions and Acquisitions [Abstract]
DISPOSITIONS AND ACQUISITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions During the nine months ended September 30, 2015, we completed a number of acquisitions for total cash consideration, net of cash acquired, of $115 million . Additional consideration may be required to be paid that primarily relates to earn-outs that are contingent upon the achievement of certain performance objectives in the current and future fiscal years, which are estimated to be $13 million , and other deferred payments of $5 million . The excess of the total consideration over the fair value of the net tangible and intangible assets acquired has been recorded as Goodwill. The values assigned to the assets acquired and liabilities assumed are based on estimates of fair value available as of the date of this filing and may be adjusted upon completion of final valuations of certain assets and liabilities. Any changes in these fair values could potentially result in an adjustment to the Goodwill recorded for these transactions if such adjustments are within one year of the acquisition date. Our results of operations include the operations of these acquisitions from the date of the respective acquisitions but such activities were not significant for the three and nine months ended September 30, 2015 . Dispositions IPC Magazines Group Limited ("Blue Fin Building") On October 30, 2015, we entered into a definitive sales agreement to sell 100% of the capital stock of IPC Magazines Group Limited, a subsidiary of Time Inc. UK, which owns the Blue Fin Building, our principal executive offices in the U.K., for £415 million ( $636 million at exchange rates on the date of execution of the sale agreement). Time Inc. UK is expected to continue to occupy a portion of the premises under a lease agreement with the buyers which extends through December 31, 2025 with a renewal option for an additional five or ten year term. Our lease commitments under this agreement are expected to be approximately £9 million ( $14 million at exchange rates on the date of execution of the sale agreement) per annum. Upon consummation of the sale we expect to forgo £9 million ( $14 million at exchange rates on the date of execution of the sale agreement) per annum of third-party rental income; however, we will recognize depreciation expense savings of £11 million ( $17 million at exchange rates on date of execution of the sale agreement) per annum. A portion of the proceeds from the sale of the Blue Fin Building is expected to be repatriated to the United States and used to free up cash balances to fund common stock repurchases (See Note 8, "Stockholders' Equity"), reduce our long-term debt obligations and fund other investments including acquisitions and other capital investments. To mitigate the risk of foreign currency movements and concurrent with the execution of the aforementioned definitive sales agreement, we entered into foreign currency forward contracts for which we have not sought hedge accounting treatment (See Note 4, "Fair Value Measurements – Derivatives Not Designated As Hedges"). In connection with the impending sale of the Blue Fin Building, on October 19, 2015, we entered into a deed of guarantee (the “New Pension Support Agreement”) with IPC Media Pension Trustee Limited (the “Trustee”), the trustee of the IPC Media Pension Scheme, a defined benefit pension plan for certain of our current and former U.K. employees that is closed to new participants (the “UK Pension Plan”), as more fully described in Note 11, "Benefit Plans." 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 nine months ended September 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	9 Months Ended
	Sep. 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): September 30, December 31, Equity-method investments: 120 Sports (a) $ 3 $ 13 Other (b) 7 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 $ 74 $ 25 _______________________ (a) We acquired a 20% interest in 120 Sports during the second quarter of 2014. We recorded $1 million and $2 million of equity losses related to this investment for the three months ended September 30, 2015 and 2014 , respectively, and $8 million and $2 million of equity losses for the nine months ended September 30, 2015 and 2014 , respectively. (b) 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 nil and $2 million included within Other (income) expense, net on the accompanying Statements of Operations for the three and nine months ended September 30, 2015 , respectively. Simultaneously, we sold our remaining 50% interest in another joint venture based in France. The loss on disposal for the three and nine months ended September 30, 2015 was insignificant. In the third quarter of 2015, we acquired a 21% interest in a U.K. based on-line visual search firm specializing in fashion. For the three and nine months ended September 30, 2015 , equity gains (losses) and foreign currency movements on this investment were insignificant. Other equity-method investments included herein primarily consisted of joint ventures for which equity gains (losses) and foreign currency movements for the three and nine months ended September 30, 2015 were not significant and for which equity gains (losses) and foreign currency movements for the three and nine months ended September 30, 2014 were nil and a loss of $2 million , respectively. (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. For the three and nine months ended September 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 nine months ended September 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	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 , respectively (in millions): September 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 $ 77 $ — $ — $ 77 $ 210 $ — $ — $ 210 Trading securities (a) Diversified debt securities — 1 — 1 — 1 — 1 Diversified equity securities — — — — 1 — — 1 Liabilities Deferred compensation obligation (b) — — (1 ) (1 ) — — (5 ) (5 ) Contingent consideration (c) — — (13 ) (13 ) — — — — Other - liabilities (d) — — (4 ) (4 ) — — (4 ) (4 ) Total (e) $ 77 $ 1 $ (18 ) $ 60 $ 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 (income) expense, net in the Statements of Operations. (c) Contingent consideration, of which $4 million is included in Accounts payable and accrued liabilities and $9 million in Other noncurrent liabilities on the accompanying Balance Sheets, consists of earn-out liabilities in connection with acquisitions made during the nine months ended September 30, 2015 . Fair values were derived using a probability weighted present value of expected future payouts approach or a Monte Carlo simulation approach, which are considered Level 3 measurements. 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 considerations are 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 (income) expense, net in the Statements of Operations. (e) We primarily apply the market approach for determining recurring fair value measurements. During the three and nine months ended September 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): September 30, 2015 2014 Balance as of the beginning of the period $ 9 $ — Settlements (3 ) (13 ) Issuances 13 16 Fair value adjustment (1 ) 2 Transfers in and/or out of Level 3 — — Balance as of the end of the period $ 18 $ 5 Derivatives Not Designated as Hedges We have derivatives that act as economic hedges, but are not designated as such for hedge accounting purposes. Foreign currency transactions and non-U.S. dollar cash flow exposures from time to time may be partially or fully economically hedged through foreign currency contracts, primarily foreign exchange forwards. These hedges generally mature within one year. Foreign currency contracts involve the purchase and sale of a designated currency at an agreed upon rate for settlement on a specified date. The change in the fair value of the derivatives effectively offset the related foreign exchange gains or losses on the underlying balance sheet exposure. For derivatives that are not designated as hedges, changes in fair value are reported in current period earnings. For both the three and nine months ended September 30, 2015 , the impact on pretax earnings of derivatives not designated as hedges, as reported in the Statements of Operations within Selling, general and administrative expenses, was an insignificant gain. There were no derivatives not designated as hedges as of September 30, 2014 . The fair value of foreign exchange forward contracts is determined based on a discounted cash flow method using the following inputs: the contractual terms of the forward contracts such as notional amount, maturity dates and contractual rate, as well as relevant foreign currency forward curves, and discount rates consistent with the underlying economic factors of the currency in which the cash flows are denominated. Credit valuation adjustments are necessary when the market parameters, such as a benchmark curve, used to value derivatives are not indicative of the credit quality of the Company or its counterparties. We consider the counterparty credit risk by applying an observable forecasted default rate to the current exposure. Foreign exchange forward contracts included within Prepaid expenses and other current assets on the accompanying Balance Sheets at September 30, 2015 were insignificant. There were no foreign exchange forward contracts in place at December 31, 2014 . In connection with the impending sale of the Blue Fin Building and concurrent with the execution of the definitive sales agreement, we entered into foreign currency forward contracts with notional amounts totaling £310 million to exchange for U.S. dollars that is expected to be repatriated to the United States in the fourth quarter of 2015. As a result of these foreign exchange forward contracts, we will be exposed to exchange rate risk on the £310 million notional amount of the contracts. Although the anticipated repatriated sale proceeds are intended to offset this risk, if the closing of the sale of the Blue Fin Building were not to occur and the U.S. Dollar were to depreciate against the British pound sterling before the forward contracts are terminated, we could incur significant losses under the contracts with no offsetting benefits from such sale. Other Financial Instruments Our other financial instruments, including our Term Loan and our 5.75% 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): September 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Debt instruments: Term Loan $ 680 $ 690 $ 684 $ 691 5.75% Senior Notes 691 656 691 676 $ 1,371 $ 1,346 $ 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. Our term deposits are recorded at their historical issuance cost on the Balance Sheets. Fair value is estimated using a discounted cash flow methodology based on the future cash flows and the discount rate that reflects our current rates for similar types of term deposits within similar markets. For our term deposits and the remainder of our other financial instruments, differences between carrying value and fair value were not significant as of September 30, 2015 and December 31, 2014 . The carrying value for the majority of our other financial instruments approximates fair value due to the short-term nature of the financial instrument. 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 was impaired, we would be required to write down the non-financial instrument to its fair value. During the third quarter of 2015, we wrote down the carrying value of our Goodwill by $952 million . The valuation of goodwill for the second step of the goodwill impairment analysis is considered a Level 3 fair value measurement, which means that the valuation of the assets and liabilities reflect our own assumptions about the assumptions that market participants would use in pricing the assets and liabilities. The assumptions included projected future cash flows from our long-range plans adjusted for current market trends, a risk-adjusted discount rate, a terminal growth rate and a control premium. A market multiple was not employed. See Note 1, "Description of Business and Basis of Presentation – Interim Impairment Testing of Goodwill and Long-Lived Assets." In August 2014, our Mexico-based GEX operations were sold for approximately $41 million . In connection with the sale, we recorded an allocated Goodwill impairment charge of $26 million as of June 30, 2014. The assumptions used to determine the fair value of the assets and liabilities of GEX and allocated Goodwill were consistent with those used in our overall goodwill impairment analysis and included projected future cash flows from our 2014 budget and long-range plan, a discount rate, a terminal growth rate and a market multiple of 7.5 x a measure of earnings. The resulting fair value measurement was considered a Level 3 measurement and was determined using a market approach. 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 and 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. Fair value measurements are also used in nonrecurring valuations performed in connection with acquisition accounting. The nonrecurring valuations primarily include the valuation of customer and advertiser relationships, intangible assets and property and equipment. With the exception of certain inputs for our weighted average cost of capital and discount rate calculation that are derived from pricing services, the inputs used in our discounted cash flow analysis, such as forecasts of future cash flows, are based on assumptions. The valuation of customer and advertiser relationships is primarily based on an excess earnings methodology, which is a form of a discounted cash flow analysis. The excess earnings methodology requires us to estimate the specific cash flows expected from the relationships, considering such factors as estimated life of the relationships and the revenue expected to be generated over the life of such relationships. Tangible assets are typically valued using a replacement or reproduction cost approach, considering such factors as current prices of the same or similar equipment, the age of the equipment and economic obsolescence. All of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy.

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
DEBT	DEBT Our debt obligations consisted of the following (in millions): September 30, December 31, 5.75% Senior Notes $ 700 $ 700 Senior Credit Facilities Term Loan B 691 696 Revolving Credit Facility — — Unamortized discount (20 ) (21 ) Total debt obligations 1,371 1,375 Less: Current portion of long-term debt 7 7 Noncurrent debt obligations $ 1,364 $ 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 September 30, 2015 and December 31, 2014 was $18 million and $8 million , respectively. We made a semi-annual interest payment on the Senior Notes of $20 million in both April and October 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 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 September 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. Principal payments of $5 million and $2 million were made on the Term Loan during the nine months ended September 30, 2015 and 2014 , respectively. Interest payable on the Term Loan as of both September 30, 2015 and December 31, 2014 was $3 million . An interest payment of $23 million and $8 million was made on the Term Loan during the nine months ended September 30, 2015 and 2014 , respectively. 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 nine months ended September 30, 2015 , we incurred amortization expense on deferred financing costs and discounts on indebtedness of $1 million and $3 million , respectively. For both the three and nine months ended September 30, 2014 , we incurred amortization expense on deferred financing costs and discount on indebtedness of $1 million . Effective upon the consummation of the sale of the Blue Fin Building in the U.K., our Board of Directors has authorized discretionary principal debt repayments and/or repurchases of up to a $200 million on both our Term Loan and our 5.75% Senior Notes. The authorization expires on December 31, 2017, subject to the extension or earlier termination by our Board. The extent to which we repay and/or repurchase our debt and the timing of such repayments and/or repurchases will depend on a variety of factors, including market and industry conditions, regulatory requirements and other corporate considerations, as determined by the Company from time to time. The authorization may be suspended or discontinued at any time without notice. We expect to finance any such principal debt repayments and/or repurchases out of working capital and/or cash balances made available as a result of the sale of the Blue Fin Building.

Property, Plant and Equipment,

Property, Plant and Equipment, Net	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NET	PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consisted of (in millions): Useful Lives (in years) September 30, December 31, Land N/A $ 53 $ 55 Buildings and improvements 30 494 505 Capitalized software 3 - 5 341 340 Furniture, fixtures and other equipment 3 - 10 286 292 1,174 1,192 Accumulated depreciation (a) (873 ) (834 ) Construction in progress (b) 138 11 Total property, plant and equipment, net $ 439 $ 369 _______________________ N/A - Not applicable. (a) Accumulated depreciation included $312 million and $309 million related to capitalized software as of September 30, 2015 and December 31, 2014 , respectively. Depreciation expense for the three months ended September 30, 2015 and 2014 was $22 million and $25 million , respectively, and for the nine months ended September 30, 2015 and 2014 was $69 million and $77 million , respectively. (b) Such amounts primarily relate to leasehold improvements in connection with our new headquarters lease at Brookfield Place at 225 Liberty Street in lower Manhattan. Leasehold improvements are amortized over the shorter of the lease term or the useful life of the asset. Leasehold improvements at 225 Liberty Street are expected to be amortized over an average life of 17 years. We will occupy our new headquarters during the fourth quarter of 2015.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 , our Income tax benefit was $3 million and our Income tax provision was $4 million . For the three months ended September 30, 2014 , our Income tax provision was $36 million . For the nine months ended September 30, 2014 , our Income tax benefit was $7 million . Our effective income tax rate for both the three and nine months ended September 30, 2015 was nil . Our effective income tax rate for the three and nine months ended September 30, 2014 was 43% and 11% , respectively. The change in the effective income tax rate for the three months ended September 30, 2015 was primarily due to the tax effect of the non-deductible Goodwill impairment, foreign operations and the benefit related to our 2014 Federal tax return to provision adjustment. The change in the effective income tax rate for the nine months ended September 30, 2015 was primarily due to the tax effect of the non-deductible Goodwill impairment, foreign operations, adjustments to our reserves for uncertain tax positions and the benefit related to our 2014 Federal tax return to provision adjustment. The change in the effective income tax rate for the three and nine months ended September 30, 2014 was primarily due to the tax impacts of the sale of GEX.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Effective upon consummation of the sale of the Blue Fin Building in the U.K., our Board of Directors has authorized share repurchases of our common stock of up to $300 million . The authorization expires on December 31, 2017, subject to the extension or earlier termination by our Board of Directors. Under the share repurchase authorization, we may repurchase shares in open-market and/or privately negotiated transactions in accordance with applicable securities laws and regulations, including Rule 10b-18 and/or Rule 10b5-1 of the Securities Exchange Act of 1934. The extent to which we repurchase shares, and the timing of such repurchases, will depend upon a variety of factors, including market and industry conditions, regulatory requirements and other corporate considerations, as determined by the Company from time to time. The authorization may be suspended or discontinued at any time without notice. We expect to finance the purchases out of working capital and/or cash balances made available as a result of the sale of the Blue Fin Building. On November 5, 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 November 30, 2015, payable December 15, 2015. 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. A total of $21 million was paid on September 15, 2015 in respect of the dividend declared on August 4, 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 nine months ended September 30, 2015 and 2014 (in millions): Three Months Ended Nine Months Ended Pretax Tax Net of Tax Pretax Tax Net of Tax Unrealized foreign currency translation gains (losses) $ (36 ) $ — $ (36 ) $ (28 ) $ — $ (28 ) Reclassification adjustment for (gains) losses on foreign currency realized in net income (loss) (a) — — — 1 — 1 Unrealized gains (losses) on benefit obligations 7 (2 ) 5 5 (1 ) 4 Reclassification adjustment for (gains) losses on benefit obligations realized in net income (loss) (b) 6 (2 ) 4 8 (3 ) 5 Other comprehensive income (loss) $ (23 ) $ (4 ) $ (27 ) $ (14 ) $ (4 ) $ (18 ) Three Months Ended Nine Months Ended Pretax Tax Net of Tax Pretax Tax Net of Tax Unrealized foreign currency translation gains (losses) $ (39 ) $ — $ (39 ) $ 6 $ — $ 6 Reclassification adjustment for (gains) losses on foreign currency realized in net income (loss) (a) 4 — 4 4 — 4 Unrealized gains (losses) on benefit obligations 7 — 7 (7 ) 4 (3 ) Reclassification adjustment for (gains) losses on benefit obligations realized in net income (loss) 1 (1 ) — 5 (2 ) 3 Other comprehensive income (loss) $ (27 ) $ (1 ) $ (28 ) $ 8 $ 2 $ 10 __________________________ (a) Foreign currency reclassification adjustments were the result of the sale of our U.K.-based joint venture in 2015 and our Mexico-based GEX operations in 2014. (b) Benefit plan reclassification adjustments were primarily the result of the settlement of our domestic excess pension plan obligation in July 2015 and are included within Selling, general and administrative expenses on the accompanying Statements of Operations.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 , such participating securities had no impact on our basic and diluted net income (loss) per common share calculation as we were in a net loss position. For the three and nine months ended September 30, 2014 , participating securities had no impact on our basic and diluted net income (loss) per common share calculation as our Board of Directors had not declared, and the Company had not paid, any cash dividends. For the three and nine months ended September 30, 2015 and 2014 , basic and diluted net income (loss) per common share were as follows (in millions, except per share amounts): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net income (loss) attributable to Time Inc. common stockholders $ (912.68 ) $ 48.07 $ (897.56 ) $ (58.25 ) Weighted average number of common shares outstanding - basic 110.00 109.15 109.80 109.03 Dilutive effect of equity awards — 0.59 — — Weighted average number of common shares outstanding - diluted 110.00 109.74 109.80 109.03 Net income (loss) per common share attributable to Time Inc. common stockholders: Basic $ (8.30 ) $ 0.44 $ (8.17 ) $ (0.53 ) Diluted $ (8.30 ) $ 0.44 $ (8.17 ) $ (0.53 ) The computation of diluted net income (loss) per common share for the three and nine months ended September 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 Nine Months Ended 2015 2014 2015 2014 Anti-dilutive equity awards: 6 2 6 3

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 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): Nine 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 September 30, 2015 , we did not have any treasury stock. There were no Time Inc. stock options exercised during the nine months ended September 30, 2015 and 2014 . Approximately 1 million and an insignificant number of RSUs vested into common shares during the nine months ended September 30, 2015 and 2014 , respectively. 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: Nine Months Ended 2015 2014 Expected volatility 27.64 % 28.30 % Expected term to exercise from grant date (in years) 5.24 5.28 Risk-free rate 1.67 % 1.90 % Expected dividend yield 3.21 % 3.00 % Weighted average grant date fair value per option $ 4.49 $ 4.68 The following table sets forth the weighted average grant date fair value of Time Inc. RSUs: Nine Months Ended 2015 2014 RSUs $ 22.27 $ 22.08 Compensation expense recognized for equity-based awards is as follows (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 RSUs $ 7 $ 12 $ 24 $ 19 Stock options — — 3 3 Total impact on operating income (loss) $ 7 $ 12 $ 27 $ 22 Income tax benefit recognized $ 3 $ 6 $ 7 $ 6 Total unrecognized compensation cost related to unvested Time Inc. RSUs as of September 30, 2015 , without taking into account expected forfeitures, was $49 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 September 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	9 Months Ended
	Sep. 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 $21 million was paid in July 2015 in respect of the settlement of our obligations under the plan. Accordingly, benefit obligations decreased with a corresponding decrease in unrecognized actuarial loss included within Accumulated other comprehensive loss in the Balance Sheets. A pretax loss of $6 million related to the settlement of these obligations was recognized within the Statements of Operations during both the three and nine months ended September 30, 2015 . During the three and nine months ended September 30, 2015 , we contributed $4 million and $13 million to our international pension plans, respectively. As described in Note 2, "Acquisitions and Dispositions – Dispositions – IPC Magazine Group Limited," on October 19, 2015 we entered into a New Pension Support Agreement for our UK Pension Plan. The New Pension Support Agreement is conditioned on and will be effective only upon the closing of the sale of the Blue Fin Building (or of IPC Magazines Group Limited, the subsidiary that owns the building) (a “Sale Closing”). Upon a Sale Closing, the New Pension Support Agreement will replace Time Inc. UK’s and IPC Magazines Group Limited’s existing agreement with the trustee of the IPC Media Pension Scheme (the “2014 Pension Support Agreement”), which was entered into in connection with our June 2014 spinoff from Time Warner and, among other things, includes certain restrictions on the use of the proceeds of any sale of the Blue Fin Building and requires ongoing funding of the UK Pension Plan at the rate of £11 million per year ( $17 million at exchange rates on date of execution of the agreement). Pursuant to the New Pension Support Agreement, the Company will no longer be subject to any restrictions on such use of proceeds but has agreed to make the following cash contributions to the UK Pension Plan: (1) £50 million ( $77 million at exchange rates on date of execution of the agreement) to be contributed within 30 days of a Sale Closing; (2) £11 million ( $17 million at exchange rates on date of execution of the agreement) to be contributed annually until the sixth anniversary of the Sale Closing; (3) contributions on the sixth, seventh and eighth anniversaries of the Sale Closing calculated so as to eliminate the “self-sufficiency deficit”, if any, of the UK Pension Plan as of the eighth anniversary of the Sale Closing, determined assuming that the discount rate on the UK Pension Plan’s liabilities would be equivalent to 0.5% in excess of the then-prevailing rate on bonds issued by the UK Government (“gilts”); and (4) contributions between the eighth and fifteenth anniversaries of the Sale Closing calculated so as to eliminate the “self-sufficiency deficit”, if any, of the UK Pension Plan as of the fifteenth anniversary of the Sale Closing, determined assuming that the discount rate on the plan’s liabilities would be equivalent to the then-prevailing gilts rate. The “self-sufficiency deficit” is an estimate based on agreed-upon actuarial assumptions of the amount of a hypothetical one-time contribution that would provide high levels of assurance that the UK Pension Plan could fund all future benefit obligations as they come due with no further contributions. The “self-sufficiency deficit” is subject to significant variation over time based on changes in actuarial assumptions such as interest rates, investment returns and other factors. After a Sale Closing, the New Pension Support Agreement provides that Time Inc. will guarantee all of Time Inc. UK’s obligations under the UK Pension Plan and the New Pension Support Agreement, including the above-described payment obligations, as well as the obligation to fund the UK Pension Plan’s “buyout deficit” (i.e., the amount that would be needed to purchase annuities to discharge the benefits under the plan) under certain circumstances. Specifically, Time Inc. would be required to deposit the buyout deficit into escrow or provide a surety bond or other suitable credit support if we were to experience a significant drop in our credit ratings or if our debt in excess of $50 million were to not be paid when due or were to come due prior to its stated maturity as a result of a default (a “Major Debt Acceleration”). We would be permitted to recoup the escrowed funds under certain circumstances after a recovery in our credit ratings. However, if the Company or Time Inc. UK were to become insolvent, or if a Major Debt Acceleration were to occur (without being promptly cured and accompanied by a recovery in the Company’s credit ratings), any escrowed funds would be immediately contributed into the UK Pension Plan and we would be obligated to immediately contribute into the UK Pension Plan any shortfall in the buy-out deficit amount. The Trustee has a professional independent chair and has been advised by specialist legal counsel and employer covenant advisers and has confirmed that the New Pension Support Agreement provides appropriate mitigation for the release and termination of the 2014 Pension Support Agreement. The New Pension Support Agreement will terminate and be of no further force or effect if a Sale Closing does not occur by March 31, 2016, unless otherwise agreed by the parties. Components of net periodic benefit cost (income) for the three and nine months ended September 30, 2015 and 2014 were as follows (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Interest cost $ 7 $ 9 $ 20 $ 23 Expected return on plan assets (11 ) (12 ) (34 ) (34 ) Amortization of net loss 1 — 2 2 Settlement 6 — 6 — Net periodic benefit cost (income) $ 3 $ (3 ) $ (6 ) $ (9 )

Restructuring and Severance Cos

Restructuring and Severance Costs	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 and 2014 were as follows (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Restructuring and severance costs $ 8 $ (6 ) $ 22 $ 164 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 12 10 22 Noncash adjustments (a) — 1 1 Cash paid (61 ) (1 ) (62 ) Remaining liability as of September 30, 2015 $ 46 $ 17 $ 63 __________________________ (a) Noncash adjustments to other exit costs relate primarily to settlement of lease obligations. As of September 30, 2015 , of the remaining $63 million liability, $55 million was classified as a current liability in the Balance Sheets, with the remaining $8 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 nine months ended September 30, 2015 , we reversed $4 million and $8 million , respectively, of restructuring charges due to both modifications to certain employee termination agreements and settlement of certain lease obligations. During both the three and nine months ended September 30, 2014 , we reversed $8 million related to a change in estimate of severance costs and an adjustment to exit costs. In connection with the relocation of our New York City headquarters in the fourth quarter of 2015 from the Time and Life Building at 1271 Avenue of the Americas to Brookfield Place at 225 Liberty Street we expect exit costs for the remaining rent obligations at our current location to approximate $125 million .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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. However, our lease commitments are expected to increase following the consummation of the Blue Fin Building sale, where we expect to remain a tenant via a sale-leaseback transaction. In anticipation of the Blue Fin Building sale, we entered into a deed of guarantee with the trustee of the IPC Media Pension Scheme. See Note 11, "Benefit Plans." 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 (the “District Court”) 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 District Court granted defendants' motions to dismiss the complaint with prejudice and, on October 25, 2010, the District 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 (the “Circuit Court”) 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 Circuit Court 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 August 20, 2015, the District Court granted the defendants’ motion for summary judgment on Anderson News’ claims and granted Anderson News’ motion for summary judgment on the defendants’ antitrust counterclaim. On August 25, 2015, Anderson News filed a notice with the Circuit Court appealing the District Court’s dismissal of Anderson News’ claims, and on September 14, 2015, the defendants filed a notice with the Circuit Court appealing the District Court’s dismissal of the defendants’ 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 ("CRA"), 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 CRA, asserting the same arguments made in the objection TIR filed on January 21, 2011. By letter dated June 19, 2015, the collections department of the CRA requested payment of C $89.8 million , which includes interest accrued on both assessments, and stated that failure to pay may result in legal action. TIR responded by letter dated July 9, 2015 stating that collection should remain stayed pending resolution of the issues raised by TIR’s objection and that the alleged liability associated with the assessment substantially exceeds the value of TIR’s assets and business in Canada. By letter dated September 21, 2015, the CRA stated that collection would not be stayed and requested that TIR pay the assessments or post a letter of credit as security until the matter is resolved. In subsequent discussions, the CRA indicated that it intends to make a decision on TIR's objections to the CRA's assessments in mid November 2015 and will not take collection actions prior to that time. Including interest accrued on both reassessments, the total reassessment by the CRA for the years 2006 to 2010 was C $90.2 million as of September 30, 2015 . On October 3, 2012, Susan Fox filed a class action complaint (the "Complaint") against Time Inc. in the United States District Court for the Eastern District of Michigan alleging violations of Michigan’s Video Rental Privacy Act (“VRPA”) as well as claims for breach of contract and unjust enrichment. The VRPA limits the ability of entities engaged in the business of selling, renting or lending retail books or other written materials from disclosing to third parties certain information about customers’ purchase, lease or rental of those materials. The Complaint alleges that Time Inc. violated the VRPA by renting to third parties lists of subscribers to various Time Inc. magazines. The Complaint sought injunctive relief and the greater of statutory damages of $5,000 per class member or actual damages. On December 3, 2012, Time Inc. moved to dismiss the Complaint on the grounds that it failed to state claims for relief and because the named plaintiff lacked standing because she suffered no injury from the alleged conduct. On August 6, 2013, the court granted, in part, and denied, in part, Time Inc.’s motion, dismissing the breach of contract claim but allowing the VRPA and unjust enrichment claims to proceed. On November 11, 2013, Rose Coulter-Owens replaced Susan Fox as the named plaintiff. On March 13, 2015, the plaintiff filed a motion seeking to certify a class consisting of all Michigan residents who between March 31, 2009 and November 15, 2013 purchased a subscription to TIME, Fortune or Real Simple magazines through any website other than Time.com, Fortune.com and RealSimple.com. On July 27, 2015, the court granted plaintiff’s motion to certify the class, which we estimate to comprise approximately 40,000 consumers. On August 31, 2015, Time Inc. and the plaintiff moved for summary judgment and on October 1, 2015 both parties filed briefs in opposition to their adversaries’ motions. Oral argument on the motions is scheduled for December 15, 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2015
Additional Financial Information [Abstract]
ADDITIONAL FINANCIAL INFORMATION	ADDITIONAL FINANCIAL INFORMATION Additional financial information with respect to Receivables allowance, Inventories, Prepaid expenses and other current assets, Other assets, Accounts payable and accrued liabilities, Other noncurrent liabilities, Other (income) expense, net and cash payments for taxes and interest is as follows (in millions): September 30, December 31, Receivables allowance: Allowance for doubtful accounts $ 70 $ 75 Allowance for sales returns 162 180 Total receivables allowance $ 232 $ 255 September 30, December 31, Inventories: Raw material - paper $ 36 $ 36 Work-in-process 1 — Finished goods 5 12 Total inventories $ 42 $ 48 September 30, December 31, Prepaid expenses and other current assets: Prepaid income taxes $ 51 $ — Prepaid production costs 36 24 Prepaid commissions 21 13 Postage deposit 16 16 Premium inventory 4 5 Other prepaid expenses 58 59 Total prepaid expenses and other current assets $ 186 $ 117 September 30, December 31, Other assets: Noncurrent pension assets $ 36 $ 10 Deposits 13 13 Equity method investments 10 20 Display racks 9 6 Deferred financing costs 7 9 Cost method investments 3 3 Deferred income taxes 3 3 Other noncurrent assets 11 9 Total other assets $ 92 $ 73 September 30, December 31, Accounts payable and accrued liabilities: Accounts payable $ 240 $ 246 Accrued compensation 99 154 Distribution expenses 32 38 Rebates and allowances 35 25 Restructuring and severance 55 76 Accrued other taxes 20 37 Accrued interest (a) 21 11 Other current liabilities 39 34 Total accounts payable and accrued liabilities $ 541 $ 621 September 30, December 31, Other noncurrent liabilities: Noncurrent pension and postretirement liabilities $ 11 $ 12 Restructuring and severance 8 26 Noncurrent tax reserves and interest 40 42 Noncurrent deferred compensation 23 29 Liability to Time Warner (b) 25 25 Deferred rent 56 12 Other noncurrent liabilities 34 22 Total other noncurrent liabilities $ 197 $ 168 Three Months Ended Nine Months Ended 2015 2014 2015 2014 Other (income) expense, net: Investment (gains) losses, net $ (3 ) $ 3 $ (4 ) $ 4 Loss on equity method investees 1 1 8 4 Other income (c) — (1 ) (1 ) (9 ) Total other (income) expense, net $ (2 ) $ 3 $ 3 $ (1 ) Nine Months Ended 2015 2014 Cash Flows: Cash payments made for income taxes $ 34 $ 27 Income tax refunds received — (1 ) Cash tax payments, net $ 34 $ 26 Cash payments made for interest (a) $ 44 $ 8 Interest income received — — Cash interest payments, net $ 44 $ 8 __________________________ (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 both April and October 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 $23 million and $8 million during the nine months ended September 30, 2015 and 2014 , respectively. Commitment fees paid on our Revolving Credit Facility for the nine months ended September 30, 2015 and 2014 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 14, "Relationship Between Time Inc. and Time Warner After the Spin-Off." (c) Other income during the three and nine months ended September 30, 2014 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 B23

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 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. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include accounting for asset impairments, multiple-element transactions, allowance for doubtful accounts, depreciation and amortization, magazine returns, business combinations, pension and other post-retirement benefits, equity-based compensation, income taxes, contingencies, litigation matters and reporting for certain transactions on a gross versus a net basis. 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 balance sheets are referred to as the “Balance Sheets” herein. 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 statements of stockholders' equity are referred to as the "Statements of Stockholders' Equity" 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.
Goodwill and Long-Lived Asset Impairment	Based on applicable guidance, the first step of the two-step goodwill quantitative impairment analysis involves a comparison of the estimated fair value of the reporting unit to its carrying amount. In performing the first step, we determined the fair value of the reporting unit using a combination of a market-based approach and a discounted cash flow ("DCF") analysis, equally weighting the estimated fair value from each approach. Determining fair value requires significant judgment, including judgments about appropriate discount rates and perpetual growth rates and the amount and timing of expected future cash flows. We also considered the selection of appropriate peer group companies; control premiums appropriate for acquisitions in the industry in which we compete; and relative weighting of the DCF and market approaches. The cash flows employed in the DCF analyses are based on our long range plans adjusted for market trends and a long term growth rate. Discount rate assumptions are based on an assessment of market rates as well as the risk inherent in the future cash flows included in our estimates. In applying the market approach, we multiplied the average stock price of $18.93 on September 30, 2015 by the 109.77 million common shares outstanding, to determine the common equity value on a non-controlling basis. In order to determine the value of the common equity on a controlling basis, a control premium was applied. The significant assumptions utilized in the DCF analyses include a discount rate and a terminal growth rate. Specifically, in determining the fair value of the reporting unit for goodwill impairment testing purposes, we decreased our long-term estimates of the reporting unit's operating results and cash flows and incorporated a Company specific risk premium into the discount rate to account for unquantified risk that may still be present in the decreased forecast. We completed step one of our goodwill impairment testing and determined that the fair value of the reporting unit was lower than its carrying value. This required us to proceed to step two of the impairment analysis. Due to the complexity and effort required to estimate the fair value of the reporting unit in the second step of the analysis, the fair value estimates were based on preliminary analyses and assumptions that are subject to change. The second step of the analysis includes allocating the calculated fair value (determined in the first step) of the reporting unit to its assets and liabilities to determine an implied fair value of goodwill. The implied fair value of goodwill was determined in the same manner as the amount of goodwill recognized in an acquisition. That is, the estimated fair value of the reporting unit was allocated to all of the assets and liabilities of the unit (including unrecognized intangibles such as advertiser and subscriber relationships) as if the Company had been acquired and the estimated fair value was the purchase price paid. Given the pending sale of the Blue Fin Building, the fair value allocated to that asset reflects the sale price in the definitive sale agreement, which price exceeds the building's carrying value by approximately $400 million . Based on our preliminary analyses, the implied fair value of the goodwill was substantially lower than the carrying value of the goodwill for the reporting unit. Accordingly, we recorded our best estimate of $952 million ( $941 million , net of tax) during the third quarter of 2015, which is included in the noncash Goodwill impairment charge in the Statements of Operations for the three and nine months ended September 30, 2015 . The measurement of impairment will be completed in the fourth quarter of 2015 and further adjustments to the preliminary goodwill impairment charge, if any, may be recognized when we finalize the second step of the goodwill impairment test. In addition, we will perform our annual goodwill impairment test in the fourth quarter of the year ending December 31, 2015 , consistent with our existing accounting policy. Goodwill is tested annually for impairment during the fourth quarter or earlier upon the occurrence of certain events or substantive changes in circumstances. Long-lived assets, including finite-lived intangible assets, do not require that an annual impairment test be performed. Instead, long-lived assets are tested for impairment upon the occurrence of a triggering event.
Asset Impairments, Long-Lived Assets	The impairment test for long-lived assets, including finite-lived intangible assets, utilized estimates of undiscounted future cash flows based on the use of the assets for their remaining useful life. The impairment test did not result in the impairment of any long-lived assets.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	The excess of the total consideration over the fair value of the net tangible and intangible assets acquired has been recorded as Goodwill. The values assigned to the assets acquired and liabilities assumed are based on estimates of fair value available as of the date of this filing and may be adjusted upon completion of final valuations of certain assets and liabilities. Any changes in these fair values could potentially result in an adjustment to the Goodwill recorded for these transactions if such adjustments are within one year of the acquisition date. Our results of operations include the operations of these acquisitions from the date of the respective acquisitions but such activities were not significant for the three and nine months ended September 30, 2015 .
Pension and Other Postretirement Plans, Pensions	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.
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	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). 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 (income) expense, net in the Statements of Operations. Our term deposits are recorded at their historical issuance cost on the Balance Sheets. Fair value is estimated using a discounted cash flow methodology based on the future cash flows and the discount rate that reflects our current rates for similar types of term deposits within similar markets. For our term deposits and the remainder of our other financial instruments, differences between carrying value and fair value were not significant as of September 30, 2015 and December 31, 2014 . The carrying value for the majority of our other financial instruments approximates fair value due to the short-term nature of the financial instrument. 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. We primarily apply the market approach for determining recurring fair value measurements. During the three and nine months ended September 30, 2015 and the year ended December 31, 2014 , there were no transfers of securities between levels. 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 (income) expense, net in the Statements of Operations. 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 are also used in nonrecurring valuations performed in connection with acquisition accounting. The nonrecurring valuations primarily include the valuation of customer and advertiser relationships, intangible assets and property and equipment. With the exception of certain inputs for our weighted average cost of capital and discount rate calculation that are derived from pricing services, the inputs used in our discounted cash flow analysis, such as forecasts of future cash flows, are based on assumptions. The valuation of customer and advertiser relationships is primarily based on an excess earnings methodology, which is a form of a discounted cash flow analysis. The excess earnings methodology requires us to estimate the specific cash flows expected from the relationships, considering such factors as estimated life of the relationships and the revenue expected to be generated over the life of such relationships. Tangible assets are typically valued using a replacement or reproduction cost approach, considering such factors as current prices of the same or similar equipment, the age of the equipment and economic obsolescence. All of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. Fair values were derived using a probability weighted present value of expected future payouts approach or a Monte Carlo simulation approach, which are considered Level 3 measurements. 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 considerations are primarily based on financial targets and other metrics.
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 was impaired, we would be required to write down the non-financial instrument to its fair value.
Derivatives Not Designated as Hedges	We have derivatives that act as economic hedges, but are not designated as such for hedge accounting purposes. Foreign currency transactions and non-U.S. dollar cash flow exposures from time to time may be partially or fully economically hedged through foreign currency contracts, primarily foreign exchange forwards. These hedges generally mature within one year. Foreign currency contracts involve the purchase and sale of a designated currency at an agreed upon rate for settlement on a specified date. The change in the fair value of the derivatives effectively offset the related foreign exchange gains or losses on the underlying balance sheet exposure. For derivatives that are not designated as hedges, changes in fair value are reported in current period earnings. For both the three and nine months ended September 30, 2015 , the impact on pretax earnings of derivatives not designated as hedges, as reported in the Statements of Operations within Selling, general and administrative expenses, was an insignificant gain. There were no derivatives not designated as hedges as of September 30, 2014 . The fair value of foreign exchange forward contracts is determined based on a discounted cash flow method using the following inputs: the contractual terms of the forward contracts such as notional amount, maturity dates and contractual rate, as well as relevant foreign currency forward curves, and discount rates consistent with the underlying economic factors of the currency in which the cash flows are denominated. Credit valuation adjustments are necessary when the market parameters, such as a benchmark curve, used to value derivatives are not indicative of the credit quality of the Company or its counterparties. We consider the counterparty credit risk by applying an observable forecasted default rate to the current exposure. Foreign exchange forward contracts included within Prepaid expenses and other current assets on the accompanying Balance Sheets at September 30, 2015 were insignificant. There were no foreign exchange forward contracts in place at December 31, 2014 .
Property, Plant and Equipment	Leasehold improvements are amortized over the shorter of the lease term or the useful life of the asset. Leasehold improvements at 225 Liberty Street are expected to be amortized over an average life of 17 years.
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.
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 nine months ended September 30, 2015 , such participating securities had no impact on our basic and diluted 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 September 30, 2015 , we did not have any treasury stock. There were no Time Inc. stock options exercised during the nine months ended September 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.

(Tables)

(Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Goodwill	The changes in the carrying amount of Goodwill during the nine months ended September 30, 2015 and the year ended December 31, 2014 were as follows (in millions) Balance, December 31, 2013 $ 3,162 Acquisitions (a) 10 Dispositions (b) (3 ) Foreign exchange movements (26 ) Impairments (c) (26 ) Balance, December 31, 2014 3,117 Acquisitions (a) 101 Foreign exchange movements (15 ) Purchase price adjustment (d) (2 ) Impairments (c) (952 ) Balance, September 30, 2015 $ 2,249 _______________________ (a) Acquisitions during the nine months ended September 30, 2015 related to the purchases of UK Cycling Events Limited and Faster Than Monkeys, Inc. in the first quarter, Evarn Limited, LeagueAthletics.com LLC and FanSided, LLC in the second quarter and League Sports Services LLC, inVNT, LLC, and International Craft & Hobby Fair Limited in the third quarter of 2015. Acquisitions in 2014 related to our purchase of Cozi Inc. during the second quarter of 2014. (b) In connection with the sale of our Mexico-based GEX operations in August 2014, the remaining Goodwill of $3 million was written off. (c) A Goodwill impairment charge of $952 million was recorded during the three and nine months ended September 30, 2015 . An allocated Goodwill impairment charge of $26 million was recognized during the second quarter of 2014 in connection with the impending sale of our Mexico based GEX operations. (d) Purchase price adjustments related to tax assets in connection with our Cozi Inc. acquisition.
Schedule of Finite-Lived Intangible Assets	Intangible assets as of September 30, 2015 and December 31, 2014 consisted of the following (in millions): Weighted Average Useful Life (in years) September 30, 2015 Gross Accumulated Amortization Net Tradenames (a) 20 $ 1,481 $ (448 ) $ 1,033 Customer lists and other intangible assets (a) 5 591 (560 ) 31 $ 2,072 $ (1,008 ) $ 1,064 Weighted Average Useful Life (in years) December 31, 2014 Gross Accumulated Amortization Net Tradenames (a) 20 $ 1,472 $ (397 ) $ 1,075 Customer lists and other intangible assets (a) 5 562 (552 ) 10 $ 2,034 $ (949 ) $ 1,085 _______________________ (a) Increase in gross tradenames, customer lists and other intangible assets was the result of acquisitions made during the nine months ended September 30, 2015 .

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 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): September 30, December 31, Equity-method investments: 120 Sports (a) $ 3 $ 13 Other (b) 7 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 $ 74 $ 25 _______________________ (a) We acquired a 20% interest in 120 Sports during the second quarter of 2014. We recorded $1 million and $2 million of equity losses related to this investment for the three months ended September 30, 2015 and 2014 , respectively, and $8 million and $2 million of equity losses for the nine months ended September 30, 2015 and 2014 , respectively. (b) 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 nil and $2 million included within Other (income) expense, net on the accompanying Statements of Operations for the three and nine months ended September 30, 2015 , respectively. Simultaneously, we sold our remaining 50% interest in another joint venture based in France. The loss on disposal for the three and nine months ended September 30, 2015 was insignificant. In the third quarter of 2015, we acquired a 21% interest in a U.K. based on-line visual search firm specializing in fashion. For the three and nine months ended September 30, 2015 , equity gains (losses) and foreign currency movements on this investment were insignificant. Other equity-method investments included herein primarily consisted of joint ventures for which equity gains (losses) and foreign currency movements for the three and nine months ended September 30, 2015 were not significant and for which equity gains (losses) and foreign currency movements for the three and nine months ended September 30, 2014 were nil and a loss of $2 million , respectively. (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. For the three and nine months ended September 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)	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 , respectively (in millions): September 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 $ 77 $ — $ — $ 77 $ 210 $ — $ — $ 210 Trading securities (a) Diversified debt securities — 1 — 1 — 1 — 1 Diversified equity securities — — — — 1 — — 1 Liabilities Deferred compensation obligation (b) — — (1 ) (1 ) — — (5 ) (5 ) Contingent consideration (c) — — (13 ) (13 ) — — — — Other - liabilities (d) — — (4 ) (4 ) — — (4 ) (4 ) Total (e) $ 77 $ 1 $ (18 ) $ 60 $ 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 (income) expense, net in the Statements of Operations. (c) Contingent consideration, of which $4 million is included in Accounts payable and accrued liabilities and $9 million in Other noncurrent liabilities on the accompanying Balance Sheets, consists of earn-out liabilities in connection with acquisitions made during the nine months ended September 30, 2015 . Fair values were derived using a probability weighted present value of expected future payouts approach or a Monte Carlo simulation approach, which are considered Level 3 measurements. 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 considerations are 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 (income) expense, net in the Statements of Operations. (e) We primarily apply the market approach for determining recurring fair value measurements. During the three and nine months ended September 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): September 30, 2015 2014 Balance as of the beginning of the period $ 9 $ — Settlements (3 ) (13 ) Issuances 13 16 Fair value adjustment (1 ) 2 Transfers in and/or out of Level 3 — — Balance as of the end of the period $ 18 $ 5
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): September 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Debt instruments: Term Loan $ 680 $ 690 $ 684 $ 691 5.75% Senior Notes 691 656 691 676 $ 1,371 $ 1,346 $ 1,375 $ 1,367

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt	Our debt obligations consisted of the following (in millions): September 30, December 31, 5.75% Senior Notes $ 700 $ 700 Senior Credit Facilities Term Loan B 691 696 Revolving Credit Facility — — Unamortized discount (20 ) (21 ) Total debt obligations 1,371 1,375 Less: Current portion of long-term debt 7 7 Noncurrent debt obligations $ 1,364 $ 1,368

Property, Plant and Equipment28

Property, Plant and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consisted of (in millions): Useful Lives (in years) September 30, December 31, Land N/A $ 53 $ 55 Buildings and improvements 30 494 505 Capitalized software 3 - 5 341 340 Furniture, fixtures and other equipment 3 - 10 286 292 1,174 1,192 Accumulated depreciation (a) (873 ) (834 ) Construction in progress (b) 138 11 Total property, plant and equipment, net $ 439 $ 369 _______________________ N/A - Not applicable. (a) Accumulated depreciation included $312 million and $309 million related to capitalized software as of September 30, 2015 and December 31, 2014 , respectively. Depreciation expense for the three months ended September 30, 2015 and 2014 was $22 million and $25 million , respectively, and for the nine months ended September 30, 2015 and 2014 was $69 million and $77 million , respectively. (b) Such amounts primarily relate to leasehold improvements in connection with our new headquarters lease at Brookfield Place at 225 Liberty Street in lower Manhattan. Leasehold improvements are amortized over the shorter of the lease term or the useful life of the asset. Leasehold improvements at 225 Liberty Street are expected to be amortized over an average life of 17 years. We will occupy our new headquarters during the fourth quarter of 2015.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 and 2014 (in millions): Three Months Ended Nine Months Ended Pretax Tax Net of Tax Pretax Tax Net of Tax Unrealized foreign currency translation gains (losses) $ (36 ) $ — $ (36 ) $ (28 ) $ — $ (28 ) Reclassification adjustment for (gains) losses on foreign currency realized in net income (loss) (a) — — — 1 — 1 Unrealized gains (losses) on benefit obligations 7 (2 ) 5 5 (1 ) 4 Reclassification adjustment for (gains) losses on benefit obligations realized in net income (loss) (b) 6 (2 ) 4 8 (3 ) 5 Other comprehensive income (loss) $ (23 ) $ (4 ) $ (27 ) $ (14 ) $ (4 ) $ (18 ) Three Months Ended Nine Months Ended Pretax Tax Net of Tax Pretax Tax Net of Tax Unrealized foreign currency translation gains (losses) $ (39 ) $ — $ (39 ) $ 6 $ — $ 6 Reclassification adjustment for (gains) losses on foreign currency realized in net income (loss) (a) 4 — 4 4 — 4 Unrealized gains (losses) on benefit obligations 7 — 7 (7 ) 4 (3 ) Reclassification adjustment for (gains) losses on benefit obligations realized in net income (loss) 1 (1 ) — 5 (2 ) 3 Other comprehensive income (loss) $ (27 ) $ (1 ) $ (28 ) $ 8 $ 2 $ 10 __________________________ (a) Foreign currency reclassification adjustments were the result of the sale of our U.K.-based joint venture in 2015 and our Mexico-based GEX operations in 2014. (b)

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Estimated Basic and Diluted Earnings (Loss) Per Share	or the three and nine months ended September 30, 2015 and 2014 , basic and diluted net income (loss) per common share were as follows (in millions, except per share amou
Antidilutive Equity Awards	The computation of diluted net income (loss) per common share for the three and nine months ended September 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 Nine Months Ended 2015 2014 2015 2014 Anti-dilutive equity awards: 6 2 6 3

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 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): Nine 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: Nine Months Ended 2015 2014 Expected volatility 27.64 % 28.30 % Expected term to exercise from grant date (in years) 5.24 5.28 Risk-free rate 1.67 % 1.90 % Expected dividend yield 3.21 % 3.00 % Weighted average grant date fair value per option $ 4.49 $ 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: Nine Months Ended 2015 2014 RSUs $ 22.27 $ 22.08
Schedule of compensation expense recognized for equity-based awards	Compensation expense recognized for equity-based awards is as follows (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 RSUs $ 7 $ 12 $ 24 $ 19 Stock options — — 3 3 Total impact on operating income (loss) $ 7 $ 12 $ 27 $ 22 Income tax benefit recognized $ 3 $ 6 $ 7 $ 6

Benefit Plans (Tables)

Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Benefit Costs	Components of net periodic benefit cost (income) for the three and nine months ended September 30, 2015 and 2014 were as follows (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Interest cost $ 7 $ 9 $ 20 $ 23 Expected return on plan assets (11 ) (12 ) (34 ) (34 ) Amortization of net loss 1 — 2 2 Settlement 6 — 6 — Net periodic benefit cost (income) $ 3 $ (3 ) $ (6 ) $ (9 )

Restructuring and Severance C33

Restructuring and Severance Costs (Tables)	9 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring and related costs	Restructuring and severance expense for the three and nine months ended September 30, 2015 and 2014 were as follows (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Restructuring and severance costs $ 8 $ (6 ) $ 22 $ 164
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 12 10 22 Noncash adjustments (a) — 1 1 Cash paid (61 ) (1 ) (62 ) Remaining liability as of September 30, 2015 $ 46 $ 17 $ 63

Additional Financial Informat34

Additional Financial Information (Tables)	9 Months Ended
	Sep. 30, 2015
Additional Financial Information [Abstract]
Receivables allowance	September 30, December 31, Receivables allowance: Allowance for doubtful accounts $ 70 $ 75 Allowance for sales returns 162 180 Total receivables allowance $ 232 $ 255
Components of inventories	September 30, December 31, Inventories: Raw material - paper $ 36 $ 36 Work-in-process 1 — Finished goods 5 12 Total inventories $ 42 $ 48
Prepaid and other current assets	September 30, December 31, Prepaid expenses and other current assets: Prepaid income taxes $ 51 $ — Prepaid production costs 36 24 Prepaid commissions 21 13 Postage deposit 16 16 Premium inventory 4 5 Other prepaid expenses 58 59 Total prepaid expenses and other current assets $ 186 $ 117
Other assets	September 30, December 31, Other assets: Noncurrent pension assets $ 36 $ 10 Deposits 13 13 Equity method investments 10 20 Display racks 9 6 Deferred financing costs 7 9 Cost method investments 3 3 Deferred income taxes 3 3 Other noncurrent assets 11 9 Total other assets $ 92 $ 73
Accounts payable and accrued liabilities	September 30, December 31, Accounts payable and accrued liabilities: Accounts payable $ 240 $ 246 Accrued compensation 99 154 Distribution expenses 32 38 Rebates and allowances 35 25 Restructuring and severance 55 76 Accrued other taxes 20 37 Accrued interest (a) 21 11 Other current liabilities 39 34 Total accounts payable and accrued liabilities $ 541 $ 621
Other noncurrent liabilities	September 30, December 31, Other noncurrent liabilities: Noncurrent pension and postretirement liabilities $ 11 $ 12 Restructuring and severance 8 26 Noncurrent tax reserves and interest 40 42 Noncurrent deferred compensation 23 29 Liability to Time Warner (b) 25 25 Deferred rent 56 12 Other noncurrent liabilities 34 22 Total other noncurrent liabilities $ 197 $ 168
Other expense, net	Three Months Ended Nine Months Ended 2015 2014 2015 2014 Other (income) expense, net: Investment (gains) losses, net $ (3 ) $ 3 $ (4 ) $ 4 Loss on equity method investees 1 1 8 4 Other income (c) — (1 ) (1 ) (9 ) Total other (income) expense, net $ (2 ) $ 3 $ 3 $ (1 )
Supplemental schedule of cash flows	Nine Months Ended 2015 2014 Cash Flows: Cash payments made for income taxes $ 34 $ 27 Income tax refunds received — (1 ) Cash tax payments, net $ 34 $ 26 Cash payments made for interest (a) $ 44 $ 8 Interest income received — — Cash interest payments, net $ 44 $ 8 __________________________ (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 both April and October 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 $23 million and $8 million during the nine months ended September 30, 2015 and 2014 , respectively. Commitment fees paid on our Revolving Credit Facility for the nine months ended September 30, 2015 and 2014 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 14, "Relationship Between Time Inc. and Time Warner After the Spin-Off." (c) Other income during the three and nine months ended September 30, 2014 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 B35

Description of Business and Basis of Presentation (Details) visitor in Millions, consumers in Millions	9 Months Ended
	Sep. 30, 2015websitemagazineconsumersvisitor
Description of Business and Basis of Presentation [Line Items]
Number of consumers reached | consumers	120
Number of average monthly unique visitors	150
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 | magazine	50

Description of Business and B36

Description of Business and Basis of Presentation Goodwill (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		3 Months Ended				9 Months Ended			12 Months Ended
		Sep. 30, 2015		Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2015		Sep. 30, 2014	Dec. 31, 2014
Goodwill [Line Items]
Share price		$ 18.93				$ 18.93
Common stock outstanding (in shares)		109,770				109,770			109,050
Goodwill impairment, net of tax		$ 941				$ 941
Balance at beginning of period						3,117		$ 3,162	$ 3,162
Acquisitions	[1]					101			10
Dispositions	[2]								(3)
Foreign exchange movements						(15)			(26)
Purchase price adjustment	[3]					(2)
Goodwill impairment		(952)	[4]	$ 0		(952)	[4]	$ (26)	(26)	[4]
Balance at end of period		2,249				$ 2,249			3,117
Blue Fin Building
Goodwill [Line Items]
Building, Fair Value		$ 400
GEX
Goodwill [Line Items]
Dispositions	[2]								$ (3)
Goodwill impairment	[4]				$ (26)
[1]	Acquisitions during the nine months ended September 30, 2015 related to the purchases of UK Cycling Events Limited and Faster Than Monkeys, Inc. in the first quarter, Evarn Limited, LeagueAthletics.com LLC and FanSided, LLC in the second quarter and League Sports Services LLC, inVNT, LLC, and International Craft & Hobby Fair Limited in the third quarter of 2015. Acquisitions in 2014 related to our purchase of Cozi Inc. during the second quarter of 2014.
[2]	In connection with the sale of our Mexico-based GEX operations in August 2014, the remaining Goodwill of $3 million was written off.
[3]	Purchase price adjustments related to tax assets in connection with our Cozi Inc. acquisition.
[4]	A Goodwill impairment charge of $952 million was recorded during the three and nine months ended September 30, 2015. An allocated Goodwill impairment charge of $26 million was recognized during the second quarter of 2014 in connection with the impending sale of our Mexico based GEX operations.

Description of Business and B37

Description of Business and Basis of Presentation Intangible Assets (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 2,072	$ 2,034
Accumulated amortization	1,008	949
Intangible assets, net	$ 1,064	$ 1,085
Tradenames
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible asset, useful life	20 years	20 years
Intangible assets, gross	$ 1,481	$ 1,472	[1]
Accumulated amortization	448	397	[1]
Intangible assets, net	$ 1,033	$ 1,075	[1]
Customer lists and other intangible assets
Finite-Lived Intangible Assets [Line Items]
Finite-Lived intangible asset, useful life	5 years	5 years
Intangible assets, gross	$ 591	$ 562	[1]
Accumulated amortization	560	552	[1]
Intangible assets, net	$ 31	$ 10	[1]
[1]	Increase in gross tradenames, customer lists and other intangible assets was the result of acquisitions made during the nine months ended September 30, 2015.

Acquisitions and Dispositions (

Acquisitions and Dispositions (Details) £ in Millions, $ in Millions

Oct. 30, 2015USD ($)

Oct. 30, 2015GBP (£)

Sep. 30, 2015USD ($)website

Sep. 30, 2014USD ($)websitemagazine

Jun. 30, 2014USD ($)

Sep. 30, 2015USD ($)website

Sep. 30, 2014USD ($)websitemagazine

Dec. 31, 2014USD ($)

[1]

Oct. 30, 2015GBP (£)

Aug. 01, 2014USD ($)

Acquisitions and Dispositions [Line Items]

Acquisition consideration

$ 115

$ 18

Contingent consideration

$ 13

13

Deferred payments

5

5

Goodwill impairment

$ 952

[1]

$ 0

$ 952

[1]

$ 26

$ 26

Number of websites operated | website

60

60

IPC Magazine Group Limited | Forecast

Acquisitions and Dispositions [Line Items]

Lease commitments

$ 14

£ 9

Rental income

14

£ 9

Depreciation expense savings

$ 17

£ 11

IPC Magazine Group Limited | Subsequent Event

Acquisitions and Dispositions [Line Items]

Percentage of capital stock

100.00%

100.00%

Consideration transferred

$ 636

£ 415

IPC Magazine Group Limited | Subsequent Event | Maximum

Acquisitions and Dispositions [Line Items]

Renewal term

10 years

10 years

IPC Magazine Group Limited | Subsequent Event | Minimum

Acquisitions and Dispositions [Line Items]

Renewal term

5 years

5 years

GEX

Acquisitions and Dispositions [Line Items]

Disposition consideration

$ 41

Goodwill impairment

[1]

$ 26

Number of magazines published | magazine

11

11

Number of websites operated | website

10

10

Percent of revenues

2.00%

[1]

A Goodwill impairment charge of $952 million was recorded during the three and nine months ended September 30, 2015. An allocated Goodwill impairment charge of $26 million was recognized during the second quarter of 2014 in connection with the impending sale of our Mexico based GEX operations.

Investments (Details)

Investments (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Investments [Line Items]
Equity-method investments		$ 10		$ 10			$ 20
Short-term Investments		60		60			0
Cost-method investments		3		3			3
Total investments		74		74			25
(Gain) loss on equity method investments		(1)	$ (1)	(8)	$ (4)
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]	3		3			13
Equity method investment, ownership percentage	[4]							20.00%
(Gain) loss on equity method investments	[4]	1	2	8	2
Other
Investments [Line Items]
Equity-method investments	[5]	7		7			$ 7
Look Magazine
Investments [Line Items]
Equity method investment, ownership percentage	[5]					50.00%
Gain on acquisition of investment	[5]	$ 0		$ 2
France Joint Venture
Investments [Line Items]
Equity method investment, ownership percentage	[5]					50.00%
U.K. Visual Search Firm
Investments [Line Items]
Equity method investment, ownership percentage		21.00%		21.00%
Joint Ventures
Investments [Line Items]
Gain on acquisition of investment	[5]		$ 0		$ 2
[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. For the three and nine months ended September 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 $1 million and $2 million of equity losses related to this investment for the three months ended September 30, 2015 and 2014, respectively, and $8 million and $2 million of equity losses for the nine months ended September 30, 2015 and 2014, respectively.
[5]	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 nil and $2 million included within Other (income) expense, net on the accompanying Statements of Operations for the three and nine months ended September 30, 2015, respectively. Simultaneously, we sold our remaining 50% interest in another joint venture based in France. The loss on disposal for the three and nine months ended September 30, 2015 was insignificant.

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2015USD ($)

Sep. 30, 2014USD ($)

Jun. 30, 2014USD ($)

Mar. 31, 2014USD ($)

Sep. 30, 2015USD ($)

Sep. 30, 2014USD ($)

Dec. 31, 2014USD ($)

[1]

Sep. 30, 2015GBP (£)

Dec. 31, 2014GBP (£)

Aug. 01, 2014USD ($)

Apr. 24, 2014USD ($)

Fair Value Measurements [Line Items]

Derivatives not designated as hedges

$ 0

$ 0

Goodwill impairment

$ 952

[1]

$ 0

$ 952

[1]

$ 26

$ 26

Parsippany Building

Fair Value Measurements [Line Items]

Asset impairments

$ 20

GEX

Fair Value Measurements [Line Items]

Goodwill impairment

[1]

$ 26

Disposition consideration

$ 41

Market multiple

7.5

5.75% Senior Notes

Fair Value Measurements [Line Items]

Stated interest rate percentage

[2]

5.75%

Original discount

$ 10

Term Loan B

Fair Value Measurements [Line Items]

Original discount

$ 13

Forward Contracts [Member]

Fair Value Measurements [Line Items]

Derivative, notional amount | £

£ 310,000,000

£ 0

[1]

A Goodwill impairment charge of $952 million was recorded during the three and nine months ended September 30, 2015. An allocated Goodwill impairment charge of $26 million was recognized during the second quarter of 2014 in connection with the impending sale of our Mexico based GEX operations.

[2]

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 both April and October 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 $23 million and $8 million during the nine months ended September 30, 2015 and 2014, respectively. Commitment fees paid on our Revolving Credit Facility for the nine months ended September 30, 2015 and 2014 were not significant. See Note 5, "Debt."

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities) (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended	12 Months Ended
		Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Deferred compensation obligation		$ 23	$ 23	$ 29
Transfer of securities between levels	[1]	0	0	0
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	[1]	60	60	203
Recurring basis | Deferred compensation obligation
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Deferred compensation obligation	[2]	(1)	(1)	(5)
Recurring basis | Contingent Consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Contingent consideration	[3]	(13)	(13)	0
Recurring basis | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Other - liabilities	[4]	(4)	(4)	(4)
Recurring basis | Diversified debt securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Trading securities debt	[5]	1	1	1
Recurring basis | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Trading securities equity	[5]	0	0	1
Recurring basis | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents		77	77	210
Recurring basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	[1]	77	77	211
Recurring basis | Level 1 | Deferred compensation obligation
Fair Value, Assets and Liabilities Measured on Recurring 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 Basis [Line Items]
Contingent consideration	[3]	0	0	0
Recurring basis | Level 1 | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Other - liabilities	[4]	0	0	0
Recurring basis | Level 1 | Diversified debt securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Trading securities debt	[5]	0	0	0
Recurring basis | Level 1 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring 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 Basis [Line Items]
Cash equivalents		77	77	210
Recurring basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	[1]	1	1	1
Recurring basis | Level 2 | Deferred compensation obligation
Fair Value, Assets and Liabilities Measured on Recurring 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 Basis [Line Items]
Contingent consideration	[3]	0	0	0
Recurring basis | Level 2 | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Other - liabilities	[4]	0	0	0
Recurring basis | Level 2 | Diversified debt securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Trading securities debt	[5]	1	1	1
Recurring basis | Level 2 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring 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 Basis [Line Items]
Cash equivalents		0	0	0
Recurring basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total	[1]	(18)	(18)	(9)
Recurring basis | Level 3 | Deferred compensation obligation
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Deferred compensation obligation	[2]	(1)	(1)	(5)
Recurring basis | Level 3 | Contingent Consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Contingent consideration	[3]	(13)	(13)	0
Recurring basis | Level 3 | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Other - liabilities	[4]	(4)	(4)	(4)
Recurring basis | Level 3 | Diversified debt securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Trading securities debt	[5]	0	0	0
Recurring basis | Level 3 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring 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 Basis [Line Items]
Cash equivalents		0	0	$ 0
Accounts Payable and Accrued Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Contingent consideration	[3]	4	4
Other Noncurrent Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Contingent consideration	[3]	$ 9	$ 9
[1]	We primarily apply the market approach for determining recurring fair value measurements. During the three and nine months ended September 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 (income) expense, net in the Statements of Operations.
[3]	Contingent consideration, of which $4 million is included in Accounts payable and accrued liabilities and $9 million in Other noncurrent liabilities on the accompanying Balance Sheets, consists of earn-out liabilities in connection with acquisitions made during the nine months ended September 30, 2015. Fair values were derived using a probability weighted present value of expected future payouts approach or a Monte Carlo simulation approach, which are considered Level 3 measurements. 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 considerations are 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 (income) 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	9 Months Ended
	Sep. 30, 2015	Sep. 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)	(13)
Issuances	13	16
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	(1)	2
Transfers in and/or out of Level 3	0	0
Balance as of the end of the period	$ 18	$ 5

Fair Value Measurements (Other

Fair Value Measurements (Other Financial Instruments) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 1,371	$ 1,375
Carrying Amount | Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	680	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	1,346	1,367
Estimated Fair Value | Term Loan B
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	690	691
Estimated Fair Value | 5.75% Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 656	$ 676

Debt (Debt Obligations) (Detail

Debt (Debt Obligations) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Unamortized discount	$ (20)	$ (21)
Total debt obligations	1,371	1,375
Less: Current portion of long-term debt	7	7
Noncurrent debt obligations	1,364	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	691	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 ($)

Oct. 30, 2015

Oct. 15, 2015

Apr. 15, 2015

Apr. 24, 2014

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

Apr. 29, 2014

Debt Instrument [Line Items]

Interest Payable

[1]

$ 21,000,000

$ 21,000,000

$ 11,000,000

Interest paid

[1]

44,000,000

$ 8,000,000

Amortization of deferred financing costs and discounts on indebtedness

1,000,000

$ 1,000,000

3,000,000

1,000,000

Subsequent Event

Debt Instrument [Line Items]

Extinguishment of Debt

$ 200,000,000

5.75% Senior Notes

Debt Instrument [Line Items]

Aggregate principal debt amount

$ 700,000,000

Interest Payable

18,000,000

18,000,000

8,000,000

Semi-annual interest payment

[1]

$ 20,000,000

Financing costs

$ 13,000,000

Original discount

$ 10,000,000

Stated interest rate percentage

[1]

5.75%

5.75% Senior Notes | Subsequent Event

Debt Instrument [Line Items]

Semi-annual interest payment

[1]

$ 20,000,000

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

Maturity (in years)

7 years

Repayments of long-term debt (as a percent)

0.25%

Repayment of principal

5,000,000

2,000,000

Interest paid

23,000,000

[1]

$ 8,000,000

Financing costs

$ 13,000,000

Original discount

$ 13,000,000

Revolving credit facility

Debt Instrument [Line Items]

Maturity (in years)

5 years

Maximum borrowing capacity

$ 500,000,000

Revolving credit facility | Letters of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 100,000,000

Letters of credit, amount utilized

$ 2,000,000

$ 2,000,000

[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 both April and October 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 $23 million and $8 million during the nine months ended September 30, 2015 and 2014, respectively. Commitment fees paid on our Revolving Credit Facility for the nine months ended September 30, 2015 and 2014 were not significant. See Note 5, "Debt."

Property, Plant and Equipment46

Property, Plant and Equipment, Net Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		$ 1,174		$ 1,174		$ 1,192
Accumulated depreciation and amortization	[1]	(873)		(873)		(834)
Property, plant and equipment, net		439		439		369
Depreciation	[1]	22	$ 25	69	$ 77
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		53		$ 53		55
Buildings and improvements
Property, Plant and Equipment [Line Items]
Useful Lives (in years)				30 years
Property, plant and equipment, gross		494		$ 494		505
Capitalized software costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		341		341		340
Accumulated depreciation and amortization	[1]	(312)		$ (312)		(309)
Capitalized software costs | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)				3 years
Capitalized software costs | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)				5 years
Furniture, fixtures and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		286		$ 286		292
Furniture, fixtures and other equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)				3 years
Furniture, fixtures and other equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful Lives (in years)				10 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	[2]	$ 138		$ 138		$ 11
Construction in progress | 225 Liberty Street
Property, Plant and Equipment [Line Items]
Useful Lives (in years)	[2]			17 years
[1]	Accumulated depreciation included $312 million and $309 million related to capitalized software as of September 30, 2015 and December 31, 2014, respectively. Depreciation expense for the three months ended September 30, 2015 and 2014 was $22 million and $25 million, respectively, and for the nine months ended September 30, 2015 and 2014 was $69 million and $77 million, respectively.
[2]	mounts primarily relate to leasehold improvements in connection with our new headquarters lease at Brookfield Place at 225 Liberty Street in lower Manhattan. Leasehold improvements are amortized over the shorter of the lease term or the useful life of the asset. Leasehold improvements at 225 Liberty Street are expected to be amortized over an average life of 17 years. We will occupy our new headquarters during the fourth quarter of 2015.

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (3)	$ 36	$ 4	$ (7)
Effective income tax rate	0.00%	43.00%	0.00%	11.00%

Stockholders' Equity (Additiona

Stockholders' Equity (Additional Information) (Details) - USD ($)

Nov. 05, 2015

Sep. 15, 2015

Aug. 04, 2015

Jun. 15, 2015

May. 07, 2015

Mar. 13, 2015

Feb. 12, 2015

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Oct. 30, 2015

Dividends Payable [Line Items]

Dividends declared (usd per share)

$ 0.19

$ 0.19

$ 0.19

$ 0.19

$ 0

$ 0.57

$ 0

Dividends paid

$ 21,000,000

$ 21,000,000

$ 21,000,000

$ 63,000,000

Subsequent Event

Dividends Payable [Line Items]

Dividends declared (usd per share)

$ 0.19

2015 Share Repurchase Authorization | Subsequent Event

Dividends Payable [Line Items]

2015 Share Repurchase Authorization, authorized amount

$ 300,000,000

Stockholders' Equity (Activity

Stockholders' Equity (Activity within Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
		Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Pretax
Unrealized foreign currency translation gains		$ (36)		$ (39)	$ (28)		$ 6
Reclassification adjustment for losses on foreign currency realized in net income (loss)	[1]	0		4	1		4
Unrealized gains (losses) on benefit obligations		7		7	5		(7)
Reclassification adjustment for (gains) losses on benefit obligations realized in net income (loss)		6	[2]	1	8	[2]	5
Other comprehensive income (loss)		(23)		(27)	(14)		8
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	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)		(2)	[2]	(1)	(3)	[2]	(2)
Other comprehensive income (loss)		(4)		(1)	(4)		2
Net of Tax
Unrealized foreign currency translation gains		(36)		(39)	(28)		6
Reclassification adjustment for losses on foreign currency realized in net income (loss)	[1]	0		4	1		4
Unrealized gains (losses) on benefit obligation		5		7	4		(3)
Reclassification adjustment for (gains) losses on benefit obligations realized in net income (loss)		4	[2]	0	5	[2]	3
Other comprehensive income (loss)		$ (27)		$ (28)	$ (18)		$ 10
[1]	Foreign currency reclassification adjustments were the result of the sale of our U.K.-based joint venture in 2015 and our Mexico-based GEX operations in 2014.
[2]	Benefit plan reclassification adjustments were primarily the result of the settlement of our domestic excess pension plan obligation in July 2015 and are included within Selling, general and administrative expenses on the accompanying Statements of Operations.

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic Net Income (Loss) per Common Share:
Net income (loss), extended precision	$ (912,680)	$ 48,070	$ (897,560)	$ (58,250)
Basic net income (loss) per common share, Shares	110,000	109,150	109,800	109,030
Basic net income (loss) per common share (in dollars per share)	$ (8.30)	$ 0.44	$ (8.17)	$ (0.53)
Diluted Net Income (Loss) per Common Share:
Effect of dilutive securities, Shares	0	590	0	0
Diluted net income (loss) per common share, Shares	110,000	109,740	109,800	109,030
Diluted net income (loss) per common share (in dollars per share)	$ (8.30)	$ 0.44	$ (8.17)	$ (0.53)
Anti-dilutive equity awards [Member]
Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share [Line Items]
Anti-dilutive equity awards (in shares)	6,000	2,000	6,000	3,000

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)installmentshares	Sep. 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]
Vested (number of shares)	1,000,000	0
Compensation cost not yet recognized | $	$ 49
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	9 Months Ended
	Sep. 30, 2015	Sep. 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	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	27.64%	28.30%
Expected term to exercise from grant date	5 years 2 months 27 days	5 years 3 months 11 days
Risk-free rate	1.67%	1.90%
Expected dividend yield	3.21%	3.00%
Weighted average grant date fair value per option (in Dollars per share)	$ 4.49	$ 4.68

Equity-Based Compensation (Weig

Equity-Based Compensation (Weighted-Average Grant Date Fair Value) (Details) - $ / shares	Sep. 30, 2015	Sep. 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	$ 22.27	$ 22.08

Equity-Based Compensation (Comp

Equity-Based Compensation (Compensation Expense by Award Type) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total impact on Operating income (loss)	$ 7	$ 12	$ 27	$ 22
Income tax benefit recognized	3	6	7	6
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total impact on Operating income (loss)	7	12	24	19
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total impact on Operating income (loss)	$ 0	$ 0	$ 3	$ 3

Benefit Plans (Components of Ne

Benefit Plans (Components of Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 7	$ 9	$ 20	$ 23
Expected return on plan assets	(11)	(12)	(34)	(34)
Amortization of net loss	1	0	2	2
Settlement	6	0	6	0
Net periodic benefit income	$ 3	$ (3)	$ (6)	$ (9)

Benefit Plans (Narrative) (Deta

Benefit Plans (Narrative) (Details) £ in Millions, $ in Millions

Oct. 30, 2020USD ($)

Oct. 30, 2020GBP (£)

Oct. 30, 2019USD ($)

Oct. 30, 2019GBP (£)

Oct. 30, 2018USD ($)

Oct. 30, 2018GBP (£)

Oct. 30, 2017USD ($)

Oct. 30, 2017GBP (£)

Oct. 30, 2016USD ($)

Oct. 30, 2016GBP (£)

Dec. 31, 2015USD ($)

Dec. 31, 2015GBP (£)

Sep. 30, 2015USD ($)

Sep. 30, 2014USD ($)

Sep. 30, 2015USD ($)

Sep. 30, 2014USD ($)

Oct. 30, 2023

Oct. 30, 2015USD ($)

Defined Benefit Plan Disclosure [Line Items]

Loss on pension settlement

$ 6

$ 0

$ 6

$ 0

International

Defined Benefit Plan Disclosure [Line Items]

Pension contributions

$ 4

13

Subsequent Event | International

Defined Benefit Plan Disclosure [Line Items]

Pension contributions

$ 17

£ 11

$ 17

£ 11

$ 17

£ 11

$ 17

£ 11

$ 17

£ 11

$ 77

£ 50

Benefit obligation, discount rate in excess of gilts

0.50%

Amount unpaid debt in default

$ 50

Accounts Payable and Accrued Liabilities [Member] | Domestic Excess Pension Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Deferred compensation settlement paid

$ 21

Restructuring and Severance C58

Restructuring and Severance Costs (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Oct. 30, 2015	Dec. 31, 2014
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance				$ 102
Net accruals		$ 8	$ (6)	22	$ 164
Noncash adjustments	[1]			1
Cash paid				(62)
Remaining liability, ending balance		63		63
Remaining liability classified as current liability		55		55			$ 76
Remaining liability classified as long-term liability		8		8			$ 26
Restructuring reserve accrual adjustment		(4)	$ (8)	(8)	$ (8)
Employee Terminations
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance				95
Net accruals				12
Noncash adjustments	[1]			0
Cash paid				(61)
Remaining liability, ending balance		46		46
Other Exit Costs
Restructuring Reserve [Roll Forward]
Remaining liability, beginning balance				7
Net accruals				10
Noncash adjustments	[1]			1
Cash paid				(1)
Remaining liability, ending balance		$ 17		$ 17
Headquarters Relocation | Subsequent Event
Restructuring Reserve [Roll Forward]
Business exit costs						$ 125
[1]	Noncash adjustments to other exit costs relate primarily to settlement of lease obligations.

Commitments and Contingencies (

Commitments and Contingencies (Legal Proceedings) (Details) consumers in Thousands, CAD in Millions	Oct. 03, 2015USD ($)	Sep. 30, 2015CAD	Jun. 19, 2015CAD	Sep. 13, 2013CAD	Nov. 14, 2011USD ($)	Oct. 26, 2010CAD	Jul. 27, 2015consumers
Loss Contingencies [Line Items]
Damages sought					$ 70,000,000
Class action consumers | consumers							40
Foreign Tax Authority [Member] | Canada Revenue Agency [Member]
Loss Contingencies [Line Items]
Tax reassessments | CAD		CAD 90.2	CAD 89.8	CAD 26.9		CAD 52
Subsequent Event
Loss Contingencies [Line Items]
Damages sought	$ 5,000

Relationship Between Time Inc60

Relationship Between Time Inc. and Time Warner After the Spin-Off (Details)	Jun. 06, 2014shares
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 Informat61

Additional Financial Information (Receivables Allowance) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Allowance for doubtful accounts	$ 70	$ 75
Allowance for sales returns	162	180
Total receivables allowance	$ 232	$ 255

Additional Financial Informat62

Additional Financial Information (Inventories) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw material - paper	$ 36	$ 36
Work in process	1	0
Finished goods	5	12
Total inventories	$ 42	$ 48

Additional Financial Informat63

Additional Financial Information Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid income taxes	$ 51	$ 0
Prepaid production costs	36	24
Prepaid commissions	21	13
Postage deposit	16	16
Prepaid premium inventory	4	5
Other prepaid expenses	58	59
Total prepaid expenses and other current assets	$ 186	$ 117

Additional Financial Informat64

Additional Financial Information Other Assets (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Other Assets [Abstract]
Noncurrent pension assets	$ 36	$ 10
Deposit Assets	13	13
Equity method investments	10	20
Display racks	9	6
Deferred financing costs	7	9
Cost method investments	3	3
Deferred income taxes	3	3
Other noncurrent assets	11	9
Other Assets, Noncurrent	$ 92	$ 73

Additional Financial Informat65

Additional Financial Information (Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Millions		Sep. 30, 2015	Dec. 31, 2014
Accounts payable and accrued liabilities:
Accounts payable		$ 240	$ 246
Accrued compensation		99	154
Distribution expenses		32	38
Rebates and allowances		35	25
Restructuring and severance		55	76
Accrued other taxes		20	37
Accrued interest	[1]	21	11
Other current liabilities		39	34
Total accounts payable and accrued liabilities		$ 541	$ 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 both April and October 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 $23 million and $8 million during the nine months ended September 30, 2015 and 2014, respectively. Commitment fees paid on our Revolving Credit Facility for the nine months ended September 30, 2015 and 2014 were not significant. See Note 5, "Debt."

Additional Financial Informat66

Additional Financial Information (Other Noncurrent Liabilities) (Details) - USD ($) $ in Millions		Sep. 30, 2015	Dec. 31, 2014
Other noncurrent liabilities:
Noncurrent pension and postretirement liabilities		$ 11	$ 12
Restructuring and severance		8	26
Noncurrent tax reserves and interest		40	42
Noncurrent deferred compensation		23	29
Liability to Time Warner	[1]	25	25
Deferred rent		56	12
Other noncurrent liabilities		34	22
Total other noncurrent liabilities		$ 197	$ 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 14, "Relationship Between Time Inc. and Time Warner After the Spin-Off."

Additional Financial Informat67

Additional Financial Information (Other Expense, Net) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Additional Financial Information [Abstract]
(Gain) Loss on Investments		$ (3)	$ 3	$ (4)	$ 4
Loss on equity method investees		1	1	8	4
Other Nonoperating Income	[1]	0	(1)	(1)	(9)
Total other (income) expense, net		$ (2)	$ 3	$ 3	$ (1)
[1]	Other income during the three and nine months ended September 30, 2014 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 Informat68

Additional Financial Information (Cash Flows) (Details) - USD ($) $ in Millions		Oct. 15, 2015	Apr. 15, 2015	Sep. 30, 2015		Sep. 30, 2014	Apr. 24, 2014
Cash Flow Statements [Line Items]
Cash payments made for income taxes				$ 34		$ 27
Income tax refunds received				0		(1)
Cash tax payments, net				34		26
Interest paid	[1]			44		8
Interest income received				0		0
Cash interest payments, net				44		8
5.75% Senior Notes
Cash Flow Statements [Line Items]
Stated interest rate percentage	[1]						5.75%
Interest payment	[1]		$ (20)
5.75% Senior Notes | Subsequent Event
Cash Flow Statements [Line Items]
Interest payment	[1]	$ (20)
Term Loan B
Cash Flow Statements [Line Items]
Interest paid				$ 23	[1]	$ 8
[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 both April and October 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 $23 million and $8 million during the nine months ended September 30, 2015 and 2014, respectively. Commitment fees paid on our Revolving Credit Facility for the nine months ended September 30, 2015 and 2014 were not significant. See Note 5, "Debt."