Analysis of Reportable Segments
Time Warner Inc. operates in 3 segments: Turner; Home Box Office; and Warner Bros..
Segment Profit Margin
Time Warner Inc., profit margin by reportable segment
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Turner | 37.16% | 38.47% | 38.57% | 28.41% | 34.92% |
| Home Box Office | 34.00% | 32.55% | 33.45% | 33.09% | 36.63% |
| Warner Bros. | 12.70% | 13.30% | 10.90% | 9.25% | 10.75% |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
- Turner Segment Profit Margin
- The profit margin for the Turner segment exhibited notable fluctuations over the observed five-year period. It began at 34.92% in 2013, then decreased significantly to 28.41% in 2014. Following this decline, there was a marked recovery in 2015 with the margin rising sharply to 38.57%. In 2016, the margin remained relatively stable, slightly decreasing to 38.47%, and then experienced a moderate decline to 37.16% in 2017. Overall, this segment demonstrated volatility but maintained a generally high-profit margin, particularly from 2015 onward.
- Home Box Office Segment Profit Margin
- This segment's profit margin portrayed a consistent downward trend from 2013 through 2016. It started at 36.63% in 2013 and steadily decreased each year to reach its lowest point at 32.55% in 2016. However, in 2017, the margin showed a mild recovery, increasing to 34%. Despite the recovery in the final year, the segment's profitability trend was generally declining over the period.
- Warner Bros. Segment Profit Margin
- The Warner Bros. segment exhibited variability but showed an overall improving trend. The margin decreased from 10.75% in 2013 to a low of 9.25% in 2014. Afterward, it progressively increased, reaching 10.9% in 2015 and peaking at 13.3% in 2016. In 2017, the margin slightly decreased to 12.7%, but this was still substantially higher than the earlier years. The data indicate a positive upward trend in profitability for this segment over the analyzed period.
Segment Profit Margin: Turner
Time Warner Inc.; Turner; segment profit margin calculation
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 4,489) | 4,372) | 4,087) | 2,954) | 3,486) |
| Revenues | 12,081) | 11,364) | 10,596) | 10,396) | 9,983) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 37.16% | 38.47% | 38.57% | 28.41% | 34.92% |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 2017 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 4,489 ÷ 12,081 = 37.16%
- Revenues Trend
- Revenues have exhibited a consistent upward trend over the five-year period, increasing from 9,983 million US dollars in 2013 to 12,081 million US dollars in 2017. This represents a steady growth in top-line performance, with revenue increasing each year without exception.
- Operating Income Trend
- Operating income initially decreased from 3,486 million US dollars in 2013 to 2,954 million US dollars in 2014, indicating a decline during this period. However, from 2014 onwards, operating income recovered strongly, rising to 4,087 million US dollars in 2015 and continuing to increase through 2016 and 2017, reaching 4,489 million US dollars. This pattern suggests a temporary setback in 2014, followed by significant improvements in operating profitability.
- Segment Profit Margin Analysis
- The segment profit margin showed a notable decrease from 34.92% in 2013 to 28.41% in 2014, mirroring the dip observed in operating income during the same period. Thereafter, the margin increased sharply to 38.57% in 2015, stabilizing around the high 30% range through 2016 and 2017, ending at 37.16%. This indicates enhanced efficiency or improved cost management concurrent with the recovery in operating income.
- Overall Insights
- The data reflect an initial operational challenge in 2014, impacting both operating income and profit margin despite growing revenues. Subsequent years demonstrate a positive turnaround with both operating income and profit margins surpassing prior levels, alongside continued revenue growth. The segment's financial performance appears to have strengthened in terms of profitability and efficiency after 2014, supporting sustained revenue expansion.
Segment Profit Margin: Home Box Office
Time Warner Inc.; Home Box Office; segment profit margin calculation
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 2,152) | 1,917) | 1,878) | 1,786) | 1,791) |
| Revenues | 6,329) | 5,890) | 5,615) | 5,398) | 4,890) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 34.00% | 32.55% | 33.45% | 33.09% | 36.63% |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 2017 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 2,152 ÷ 6,329 = 34.00%
- Operating Income (Loss)
- The operating income exhibited a generally upward trend over the five-year period. Starting at 1,791 million USD at the end of 2013, it slightly decreased to 1,786 million USD in 2014. However, from 2014 onwards, it steadily increased, reaching 2,152 million USD by the end of 2017. This progression indicates improving operational efficiency or profitability within the segment.
- Revenues
- Revenues showed consistent growth year-over-year throughout the period analyzed. Beginning with 4,890 million USD in 2013, revenues rose each year, culminating in 6,329 million USD by the end of 2017. This trend reflects an expanding business or increased demand in the segment.
- Segment Profit Margin
- The segment profit margin displayed some fluctuations but generally maintained a strong performance. It started at 36.63% in 2013, then declined to 33.09% in 2014. After this dip, the margin hovered around the low to mid-30% range, with minor variations: 33.45% in 2015, 32.55% in 2016, and a slight rebound to 34.00% by 2017. This pattern suggests some volatility in profitability relative to revenues, though the margin remained relatively stable.
Segment Profit Margin: Warner Bros.
Time Warner Inc.; Warner Bros.; segment profit margin calculation
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 1,761) | 1,734) | 1,416) | 1,159) | 1,324) |
| Revenues | 13,866) | 13,037) | 12,992) | 12,526) | 12,312) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 12.70% | 13.30% | 10.90% | 9.25% | 10.75% |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 2017 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 1,761 ÷ 13,866 = 12.70%
The financial performance over the five-year period shows notable trends in operating income, revenues, and segment profit margin.
- Operating Income
- Operating income experienced fluctuations but displayed an overall upward trajectory. Beginning at $1,324 million in 2013, it dipped to $1,159 million in 2014 but then rebounded strongly to $1,416 million in 2015. This positive trend continued with substantial growth to $1,734 million in 2016, followed by a slight increase to $1,761 million in 2017. The growth from 2014 to 2017 indicates improved operational efficiency or higher profitability in the segment.
- Revenues
- Revenues demonstrated steady growth each year. Starting at $12,312 million in 2013, revenues increased gradually to $12,526 million in 2014 and continued to rise to $12,992 million in 2015. The upward trend persisted with $13,037 million recorded in 2016 and further growth to $13,866 million in 2017. This consistent increase suggests stable demand or expansion within the segment.
- Segment Profit Margin
- The segment profit margin showed variability but remained generally strong. The margin began at 10.75% in 2013, decreased to 9.25% in 2014, then improved to 10.9% in 2015. A significant increase followed, reaching 13.3% in 2016, before a marginal decline to 12.7% in 2017. The upward trend in margin after 2014 suggests enhanced cost control or favorable pricing dynamics contributing to greater profitability relative to revenues.
Overall, the data indicates an improving financial performance with increasing revenues and operating income, complemented by a generally rising segment profit margin after an initial dip. This reflects strengthened profitability and operational effectiveness within the segment over the analyzed period.
Segment Return on Assets (Segment ROA)
Time Warner Inc., ROA by reportable segment
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Turner | 16.56% | 16.61% | 15.99% | 11.69% | 13.37% |
| Home Box Office | 14.56% | 13.10% | 13.12% | 12.88% | 13.09% |
| Warner Bros. | 7.93% | 8.05% | 6.84% | 5.64% | 6.60% |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
- Turner Segment ROA Trends
- The Return on Assets (ROA) for the Turner segment exhibits an overall positive trend between 2013 and 2017. Starting at 13.37% in 2013, there is a moderate decline to 11.69% in 2014. Subsequently, the ROA increases significantly in 2015, reaching 15.99%, and continues to improve slightly in the following years, peaking at 16.61% in 2016 before a marginal decrease to 16.56% in 2017. This pattern indicates a recovery phase after the drop in 2014, followed by sustained strong performance.
- Home Box Office (HBO) Segment ROA Trends
- The Home Box Office segment shows relative stability with a gradual upward trend over the analyzed period. The ROA begins at 13.09% in 2013 and experiences a slight dip to 12.88% in 2014. From this point onward, the ROA maintains an almost flat line, hovering around 13.1% in 2015 and 2016. In 2017, there is a noticeable increase to 14.56%, indicating improved asset utilization or profitability in the latest year.
- Warner Bros. Segment ROA Trends
- The Warner Bros. segment displays more volatility compared to the other two segments. The ROA starts at a lower level of 6.6% in 2013, declines to 5.64% in 2014, and recovers to 6.84% in 2015. The upward momentum strengthens in 2016, with the ROA reaching 8.05%, which represents the peak in the period. There is a slight decline in 2017 to 7.93%. Despite fluctuations, this segment shows an improvement in profitability relative to its asset base over the five years.
- Overall Observations
- Across all segments, the ROA data denotes a general trend of recovery and growth following the initial declines in 2014. Turner and Home Box Office exhibit relatively strong and stable returns, with Turner showing the highest ROA values throughout the period. Warner Bros., while starting from a lower base, demonstrates a positive upward trajectory, nearing 8% by the end of 2017. The improvement and stabilization in ROA for these segments suggest enhanced operational efficiency or increased profitability during these years.
Segment ROA: Turner
Time Warner Inc.; Turner; segment ROA calculation
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 4,489) | 4,372) | 4,087) | 2,954) | 3,486) |
| Assets | 27,111) | 26,317) | 25,559) | 25,271) | 26,067) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 16.56% | 16.61% | 15.99% | 11.69% | 13.37% |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 2017 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × 4,489 ÷ 27,111 = 16.56%
- Operating Income (Loss)
- The operating income experienced a decline from 2013 to 2014, decreasing from 3,486 million US dollars to 2,954 million US dollars. However, from 2014 onwards, there was a notable upward trend, with operating income increasing consecutively each year, reaching 4,489 million US dollars by the end of 2017. This suggests an overall recovery and growth in operating profitability after the initial dip.
- Assets
- Total assets showed minor fluctuations throughout the period. There was a slight decrease in assets from 26,067 million US dollars in 2013 to 25,271 million US dollars in 2014. From 2014 onwards, assets gradually increased each year, ending at 27,111 million US dollars in 2017. The asset base remained relatively stable with a modest growth trend over the five-year span.
- Segment Return on Assets (ROA)
- The segment ROA mirrored the trend seen in operating income, declining from 13.37% in 2013 to 11.69% in 2014. After this drop, the segment ROA improved significantly in 2015 to 15.99%, and continued to rise slightly in 2016 to 16.61%, before showing a marginal decline to 16.56% in 2017. Overall, ROA displayed a recovery and strengthening of asset utilization efficiency following the initial decrease.
Segment ROA: Home Box Office
Time Warner Inc.; Home Box Office; segment ROA calculation
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 2,152) | 1,917) | 1,878) | 1,786) | 1,791) |
| Assets | 14,777) | 14,636) | 14,314) | 13,869) | 13,687) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 14.56% | 13.10% | 13.12% | 12.88% | 13.09% |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 2017 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × 2,152 ÷ 14,777 = 14.56%
- Operating Income (Loss)
- The operating income for the segment exhibited a generally upward trend from 2013 to 2017. Starting at 1,791 million USD in 2013, it slightly declined to 1,786 million USD in 2014. However, subsequent years showed consistent improvement, with operating income increasing to 1,878 million USD in 2015, 1,917 million USD in 2016, and reaching 2,152 million USD in 2017. This pattern indicates gradual growth in profitability over the period with a particularly notable increase in the final year.
- Assets
- Total assets held by the segment demonstrated a steady increase every year from 2013 through 2017. The assets grew from 13,687 million USD in 2013 to 13,869 million USD in 2014, then continued increasing to 14,314 million USD in 2015, 14,636 million USD in 2016, and 14,777 million USD in 2017. This steady accumulation of assets suggests ongoing investment and potential expansion within the segment.
- Segment Return on Assets (ROA)
- The segment's return on assets remained relatively stable with minor fluctuations from 2013 through 2016 before showing a marked improvement in 2017. Initially, the ROA was 13.09% in 2013, decreasing slightly to 12.88% in 2014. It then increased to 13.12% in 2015 and stayed nearly constant at 13.10% in 2016. There was a significant increase to 14.56% in 2017. This indicates enhanced efficiency in generating operating income from the asset base, especially in the last year.
Segment ROA: Warner Bros.
Time Warner Inc.; Warner Bros.; segment ROA calculation
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | 1,761) | 1,734) | 1,416) | 1,159) | 1,324) |
| Assets | 22,193) | 21,550) | 20,699) | 20,559) | 20,066) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 7.93% | 8.05% | 6.84% | 5.64% | 6.60% |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 2017 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Assets
= 100 × 1,761 ÷ 22,193 = 7.93%
- Operating Income (Loss)
- The operating income exhibited an overall upward trend over the five-year period. Beginning at $1,324 million in 2013, it declined moderately to $1,159 million in 2014. Subsequently, it rebounded to $1,416 million in 2015, followed by a significant increase to $1,734 million in 2016. The upward trajectory continued with a slight increase to $1,761 million in 2017, indicating improved profitability within this segment.
- Assets
- Assets showed a steady and gradual growth throughout the period. Starting at $20,066 million in 2013, assets increased consistently each year without any decline, reaching $22,193 million by the end of 2017. This growth suggests continued investment or asset accumulation over time.
- Segment Return on Assets (ROA)
- The segment ROA demonstrated variability with an initial decline from 6.6% in 2013 to 5.64% in 2014. Afterward, it experienced a recovery and growth, rising to 6.84% in 2015 and continuing to increase more substantially to 8.05% in 2016. A slight dip to 7.93% was recorded in 2017, yet the overall trend reflects enhanced efficiency in asset utilization to generate operating income.
- General Observations
- Over the five-year period, operating income and assets both increased, with operating income growth being more pronounced after 2014. Despite the asset base growing steadily, the segment's ability to generate returns on those assets improved notably from 2014 onward, peaking in 2016. The slight decrease in ROA in 2017 may warrant attention, although operating income continued to grow, indicating that the segment maintained strong operational performance.
Segment Asset Turnover
Time Warner Inc., asset turnover by reportable segment
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Turner | 0.45 | 0.43 | 0.41 | 0.41 | 0.38 |
| Home Box Office | 0.43 | 0.40 | 0.39 | 0.39 | 0.36 |
| Warner Bros. | 0.62 | 0.60 | 0.63 | 0.61 | 0.61 |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
- Turner Segment Asset Turnover
- The asset turnover ratio of the Turner segment shows a consistent upward trend over the examined period. Beginning at 0.38 in 2013, the ratio increases steadily each year, reaching 0.45 by the end of 2017. This indicates a gradual improvement in the segment's efficiency in utilizing its assets to generate revenue.
- Home Box Office Segment Asset Turnover
- This segment also experiences a positive trend in asset turnover, though the changes are more moderate compared to Turner. Starting at 0.36 in 2013, the ratio climbs steadily, achieving 0.43 by 2017. The data suggests a persistent enhancement in asset utilization efficiency for Home Box Office over the five-year span.
- Warner Bros. Segment Asset Turnover
- The Warner Bros. segment exhibits a relatively stable asset turnover ratio, fluctuating slightly within a narrow range. The ratio begins at 0.61 in 2013, peaks at 0.63 in 2015, then experiences a minor decline to 0.60 in 2016 before recovering slightly to 0.62 in 2017. This stability indicates consistent asset utilization effectiveness without significant improvement or deterioration.
- Overall Analysis
- Both Turner and Home Box Office segments demonstrate progressive improvements in asset turnover ratios, reflecting enhanced operational efficiency or revenue generation relative to assets over time. In contrast, the Warner Bros. segment maintains high but relatively steady asset turnover levels, suggesting established and sustained asset usage efficiency. These patterns highlight differentiated dynamics across segments, with Turner and Home Box Office gaining momentum in asset utilization, while Warner Bros. remains consistently efficient.
Segment Asset Turnover: Turner
Time Warner Inc.; Turner; segment asset turnover calculation
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 12,081) | 11,364) | 10,596) | 10,396) | 9,983) |
| Assets | 27,111) | 26,317) | 25,559) | 25,271) | 26,067) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.45 | 0.43 | 0.41 | 0.41 | 0.38 |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 2017 Calculation
Segment asset turnover = Revenues ÷ Assets
= 12,081 ÷ 27,111 = 0.45
- Revenue Trends
- Revenues demonstrated a consistent upward trajectory over the five-year period. Starting at 9,983 million US dollars in 2013, revenues increased annually, reaching 12,081 million US dollars by the end of 2017. This represents a cumulative growth of approximately 21% across the timeframe, indicating effective revenue generation and possibly expanding business operations or market presence.
- Asset Levels
- Reported assets exhibited minor fluctuations but maintained a generally stable pattern. Initially, assets were valued at 26,067 million US dollars in 2013, declining slightly in 2014 to 25,271 million US dollars, followed by marginal increases in subsequent years. By 2017, assets totaled 27,111 million US dollars, reflecting a net growth of around 4%. The relatively stable asset base coupled with slowly increasing values suggests controlled asset management with modest expansion or reinvestment.
- Segment Asset Turnover
- The segment asset turnover ratio, which measures revenue generated per unit of asset investment, showed a steady increase over the period. Beginning at 0.38 in 2013, the ratio rose progressively each year, reaching 0.45 in 2017. This continuous improvement indicates enhanced efficiency in utilizing assets to produce revenues, suggesting better operational performance or improved asset utilization strategies.
- Overall Analysis
- The data indicates a positive operational trend marked by growing revenues and improving asset utilization efficiency, even as the asset base remained relatively stable with slight growth. The increment in asset turnover ratio reflects enhanced productivity, potentially highlighting successful management actions to optimize asset deployment. The stability of assets alongside rising revenues suggests prudent financial and operational control within the segment.
Segment Asset Turnover: Home Box Office
Time Warner Inc.; Home Box Office; segment asset turnover calculation
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 6,329) | 5,890) | 5,615) | 5,398) | 4,890) |
| Assets | 14,777) | 14,636) | 14,314) | 13,869) | 13,687) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.43 | 0.40 | 0.39 | 0.39 | 0.36 |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 2017 Calculation
Segment asset turnover = Revenues ÷ Assets
= 6,329 ÷ 14,777 = 0.43
- Revenues
- Revenues have shown a consistent upward trend over the five-year period. Starting at $4,890 million in 2013, revenues increased each year to reach $6,329 million by 2017. This represents a cumulative growth of approximately 29.4%, indicating a steady increase in the segment's sales performance.
- Assets
- Asset levels have also increased over the period, though at a more moderate pace compared to revenues. The asset base grew from $13,687 million in 2013 to $14,777 million in 2017, reflecting an approximate increase of 8%. The growth in assets is relatively stable year-over-year with no significant fluctuations.
- Segment Asset Turnover
- The segment asset turnover ratio, which measures how efficiently assets are used to generate revenues, exhibited a positive trend. Starting at 0.36 in 2013, it increased gradually each year, reaching 0.43 by 2017. This improvement suggests that assets are being utilized more effectively to generate higher revenue over time.
- Overall Analysis
- The data indicates that the segment's revenue growth outpaced asset growth, leading to enhanced efficiency as reflected in the improving asset turnover ratio. This pattern points to effective management of resources with better revenue generation capacity per unit of asset. Sustained revenue increases alongside controlled asset growth contribute to a strengthened operational performance over the observed period.
Segment Asset Turnover: Warner Bros.
Time Warner Inc.; Warner Bros.; segment asset turnover calculation
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | 13,866) | 13,037) | 12,992) | 12,526) | 12,312) |
| Assets | 22,193) | 21,550) | 20,699) | 20,559) | 20,066) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.62 | 0.60 | 0.63 | 0.61 | 0.61 |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 2017 Calculation
Segment asset turnover = Revenues ÷ Assets
= 13,866 ÷ 22,193 = 0.62
- Revenues
- Revenues exhibited a generally positive trend over the five-year period, increasing from 12,312 million US dollars in 2013 to 13,866 million US dollars in 2017. The growth was steady with a slight acceleration observed in the final year, suggesting improved market performance or expanded operations during that period.
- Assets
- The asset base expanded gradually from 20,066 million US dollars in 2013 to 22,193 million US dollars in 2017. This consistent increase indicates ongoing investment or acquisition activities, reflecting growth in the scale of operations or asset holdings.
- Segment Asset Turnover
- The segment asset turnover ratio remained relatively stable throughout the period, fluctuating slightly around the 0.6 mark, with values ranging from 0.60 to 0.63. This constancy suggests that the efficiency in generating revenues from assets was maintained without significant improvement or decline.
- Overall Analysis
- The data reveals a steady expansion in both revenues and assets, while asset utilization efficiency has remained consistent. The increasing asset base accompanied by stable asset turnover implies that while the company has grown, it has managed to maintain operational effectiveness in utilizing its assets to generate revenue.
Segment Capital Expenditures to Depreciation
Time Warner Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Turner | 1.11 | 1.03 | 0.81 | 0.83 | 0.91 |
| Home Box Office | 1.28 | 1.32 | 0.84 | 0.75 | 0.49 |
| Warner Bros. | 0.77 | 0.46 | 0.62 | 0.94 | 1.18 |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
- Turner
- The capital expenditures to depreciation ratio for Turner exhibited a fluctuating trend over the analyzed period. It began at 0.91 at the end of 2013, declined steadily to a low of 0.81 by the end of 2015, indicating capital expenditures were less than depreciation. This trend reversed starting in 2016, with the ratio increasing to 1.03 and further rising to 1.11 by the end of 2017, suggesting that capital expenditures began to exceed depreciation expenses during the later years.
- Home Box Office
- Home Box Office showed a consistent upward trend in the capital expenditures to depreciation ratio over the period. Beginning at 0.49 in 2013, the ratio steadily increased each year, reaching 0.75 in 2014, 0.84 in 2015, and peaking at 1.32 in 2016. It slightly declined to 1.28 in 2017 but remained well above 1.0, indicating substantial capital investment surpassing depreciation for most of the period.
- Warner Bros.
- The Warner Bros. segment demonstrated a declining trend in the ratio from 2013 through 2016, starting at 1.18 in 2013 and reducing significantly to 0.46 in 2016. This suggests that capital expenditures were initially higher than depreciation but fell below depreciation levels consistently after 2013. In 2017, the ratio improved slightly to 0.77, indicating some increase in capital expenditures relative to depreciation, though still below parity.
- Overall Analysis
- Across the segments, capital expenditures relative to depreciation varied considerably. Turner showed recovery and increasing investment after mid-period declines. Home Box Office consistently increased capital investments relative to depreciation, indicating aggressive expansion or asset renewal. Warner Bros. experienced a notable reduction in capital expenditures during most of the period but showed some recovery at the end. These patterns may reflect differing strategic investments and asset management approaches across the segments over time.
Segment Capital Expenditures to Depreciation: Turner
Time Warner Inc.; Turner; segment capital expenditures to depreciation calculation
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 225) | 196) | 157) | 173) | 210) |
| Depreciation of property, plant and equipment | 202) | 191) | 193) | 209) | 231) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.11 | 1.03 | 0.81 | 0.83 | 0.91 |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 2017 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation of property, plant and equipment
= 225 ÷ 202 = 1.11
- Capital Expenditures
- The capital expenditures demonstrated a fluctuating pattern over the five-year period. Initially, there was a decline from 210 million USD in 2013 to a low of 157 million USD in 2015, followed by an upward trend reaching 225 million USD by the end of 2017.
- Depreciation of Property, Plant and Equipment
- The depreciation figures showed a gradual decrease from 231 million USD in 2013 to 191 million USD in 2016, with a slight increase to 202 million USD in 2017. This indicates a reduction in depreciation charges over the initial years, stabilizing towards the end of the period.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation started below 1 in 2013 (0.91) and generally declined to a minimum of 0.81 in 2015, reflecting capital spending lower than depreciation expense. From 2016 onward, the ratio increased above 1, reaching 1.11 in 2017, indicating that capital expenditures exceeded depreciation in these years.
- Overall Trends and Insights
- The initial years show a cautious capital investment approach with expenditures consistently below depreciation, suggesting potential asset base contraction or maintenance level investments. The reversal in later years to capital expenditures exceeding depreciation suggests a shift towards growth or asset expansion. Depreciation’s downward trend followed by stabilization suggests reduced asset base aging or capital asset replacement patterns.
Segment Capital Expenditures to Depreciation: Home Box Office
Time Warner Inc.; Home Box Office; segment capital expenditures to depreciation calculation
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 111) | 98) | 68) | 58) | 45) |
| Depreciation of property, plant and equipment | 87) | 74) | 81) | 77) | 91) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.28 | 1.32 | 0.84 | 0.75 | 0.49 |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 2017 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation of property, plant and equipment
= 111 ÷ 87 = 1.28
- Capital Expenditures
- The capital expenditures for the segment display a clear upward trend over the five-year period. Starting at $45 million in 2013, there is a steady increase each year, reaching $111 million in 2017. The growth is particularly pronounced between 2015 and 2016, where expenditures rose from $68 million to $98 million, indicating a significant increase in investment during that period.
- Depreciation of Property, Plant and Equipment
- Depreciation expenses exhibit some fluctuation without a distinct trend. Beginning at $91 million in 2013, the figure decreases to $77 million in 2014, followed by a slight increase to $81 million in 2015. In 2016, depreciation declines again to $74 million, then rises to $87 million in 2017. Overall, depreciation remains relatively stable, oscillating within a range of approximately $74 million to $91 million.
- Segment Capital Expenditures to Depreciation Ratio
- This ratio reflects the relationship between capital expenditures and depreciation expenses. It starts at a low of 0.49 in 2013, indicating that capital expenditures were less than half the depreciation amount that year. The ratio then increases each year, peaking at 1.32 in 2016 before slightly decreasing to 1.28 in 2017. This trend suggests an increasing level of investment relative to the wear and tear of existing assets, with capital expenditures surpassing depreciation from 2016 onward. The rise in this ratio corroborates the significant capital expenditure increases noted previously.
Segment Capital Expenditures to Depreciation: Warner Bros.
Time Warner Inc.; Warner Bros.; segment capital expenditures to depreciation calculation
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 137) | 86) | 122) | 206) | 236) |
| Depreciation of property, plant and equipment | 179) | 188) | 197) | 218) | 200) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.77 | 0.46 | 0.62 | 0.94 | 1.18 |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 2017 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation of property, plant and equipment
= 137 ÷ 179 = 0.77
The evaluation of the Warner Bros. segment over the five-year period from 2013 to 2017 reveals distinct trends in capital expenditures, depreciation, and their ratio. These trends are indicative of shifts in investment and asset utilization strategies.
- Capital Expenditures
- Capital expenditures demonstrate a general decline from 2013 through 2016, dropping from $236 million in 2013 to a low of $86 million in 2016. This represents a reduction of approximately 64%. In 2017, there is a notable rebound to $137 million, indicating increased investment activities after several years of contraction.
- Depreciation of Property, Plant, and Equipment
- Depreciation expenses show a gradual downward trend over the five years. Starting at $200 million in 2013, depreciation increased slightly to $218 million in 2014 before steadily decreasing each year to $179 million by 2017. This consistent reduction may reflect changes in the asset base or adjustments in depreciation policies.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation exhibits a decreasing trend from 1.18 in 2013 to a low of 0.46 in 2016, implying that capital investments were significantly less than the depreciation expense during this period. This suggests potential asset base contraction or underinvestment relative to asset consumption. In 2017, the ratio increases to 0.77, signaling a relative increase in capital expenditure compared to depreciation, although it remains below the 2013 level.
In summary, the period from 2013 to 2017 is characterized by an initial phase of higher capital spending and investment relative to asset depreciation, followed by reduced capital expenditures and a shrinking asset base through 2016. The partial recovery in capital expenditures and the ratio in 2017 could indicate a strategic response to prior underinvestment or a repositioning of the segment’s capital asset strategy.
Revenues
Time Warner Inc., revenues by reportable segment
US$ in millions
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Turner | 12,081) | 11,364) | 10,596) | 10,396) | 9,983) |
| Home Box Office | 6,329) | 5,890) | 5,615) | 5,398) | 4,890) |
| Warner Bros. | 13,866) | 13,037) | 12,992) | 12,526) | 12,312) |
| Time Inc. | —) | —) | —) | —) | 3,354) |
| Intersegment eliminations | (1,005) | (973) | (1,085) | (961) | (744) |
| Total | 31,271) | 29,318) | 28,118) | 27,359) | 29,795) |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
- Turner Segment Revenue
- The revenue from the Turner segment exhibited a consistent upward trend over the five-year period. Starting at $9,983 million in 2013, it increased steadily each year, reaching $12,081 million by 2017. This represents a cumulative growth of approximately 21%, indicating sustained expansion and possibly increased market share or effective business strategies within this segment.
- Home Box Office Segment Revenue
- Home Box Office revenues also showed consistent growth year-over-year. Beginning at $4,890 million in 2013, revenues rose progressively to $6,329 million in 2017. The steady increase suggests positive performance driven by subscriber growth, content development, or pricing power in this division.
- Warner Bros. Segment Revenue
- The Warner Bros. segment maintained gradual revenue growth from $12,312 million in 2013 to $13,866 million in 2017. Although growth was slower in some years (notably from 2015 to 2016), the overall trend indicates a stable revenue base with moderate expansion during the period.
- Time Inc. Segment Revenue
- Time Inc.'s reported revenue appears only for 2013 at $3,354 million, with no data available from 2014 onwards. This suggests divestiture, restructuring, or discontinuation of reporting for this segment after 2013, impacting comparative total revenue figures in subsequent years.
- Intersegment Eliminations
- Intersegment eliminations, reflecting the internal revenue adjustments, fluctuated between $(744) million and $(1,085) million during the period. The largest elimination occurred in 2015, likely due to internal transactions within the company that were subsequently removed to avoid double counting revenues.
- Total Revenues
- Total reported revenues show some variability. Initially, total revenues decreased from $29,795 million in 2013 to $27,359 million in 2014, possibly due to the absence of Time Inc. revenues in later years or other operational factors. However, from 2014 onwards, there was a steady recovery and increase, reaching $31,271 million in 2017. The five-year overall change shows a modest increase, reflecting growth in core segments offset by segment discontinuations or adjustments.
- Summary of Trends
- Overall, the data reflects a company with solid growth in its core segments—Turner, Home Box Office, and Warner Bros.—each showing consistent or moderate revenue growth. The disappearance of Time Inc. revenues after 2013 is a significant structural change affecting total revenue calculation. Intersegment eliminations remain a consistent factor that reduces consolidated revenues but do not obscure the underlying positive trends. The rebound and growth in total revenues after 2014 suggest organizational adjustments and strengthening business units contributing to improved financial performance towards the end of the period.
Depreciation of property, plant and equipment
Time Warner Inc., depreciation of property, plant and equipment by reportable segment
US$ in millions
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Turner | 202) | 191) | 193) | 209) | 231) |
| Home Box Office | 87) | 74) | 81) | 77) | 91) |
| Warner Bros. | 179) | 188) | 197) | 218) | 200) |
| Time Inc. | —) | —) | —) | —) | 85) |
| Corporate | 29) | 26) | 21) | 27) | 28) |
| Total | 497) | 479) | 492) | 531) | 635) |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
The annual reportable segment depreciation of property, plant, and equipment reveals a downward trend in total depreciation expenses from 2013 to 2016, followed by a slight increase in 2017. Specifically, total depreciation decreased from 635 million US dollars in 2013 to 479 million in 2016, before rising modestly to 497 million in 2017.
- Turner
- Depreciation expenses for this segment showed a consistent decline over the first four years, dropping from 231 million in 2013 to 191 million in 2016. In 2017, however, there was a minor increase to 202 million, indicating a possible renewal or expansion of assets.
- Home Box Office
- The data for this segment depict fluctuating depreciation costs, starting at 91 million in 2013, dropping to 77 million in 2014, slightly increasing to 81 million in 2015, decreasing again to 74 million in 2016, and then rising to 87 million in 2017. This inconsistency may reflect varying capital investments or asset utilizations over the period.
- Warner Bros.
- This segment shows a general downward trajectory in depreciation, with expenses declining from 200 million in 2013 to 179 million in 2017. Although there was a slight increase from 2014 (218 million) to 2015 (197 million), the overall trend suggests a steady reduction in depreciable assets or more efficient asset management.
- Time Inc.
- Depreciation data for Time Inc. is only reported for 2013, amounting to 85 million, with no subsequent data available. This lack of data could indicate divestiture, reclassification, or cessation of operations in later years.
- Corporate
- Corporate depreciation remained relatively stable, oscillating slightly between 21 and 29 million US dollars over the five-year span. This stability suggests consistent capital expenditure with no significant asset additions or disposals in the corporate category.
In summary, the overall decline in depreciation expenses across most segments, particularly from 2013 to 2016, coupled with the slight uptick in 2017, may reflect a period of asset optimization followed by renewed investment. Variability in specific segments suggests differing strategic priorities or asset lifecycle stages. The absence of data for Time Inc. after 2013 warrants further investigation regarding its impact on the consolidated asset base.
Operating income (loss)
Time Warner Inc., operating income (loss) by reportable segment
US$ in millions
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Turner | 4,489) | 4,372) | 4,087) | 2,954) | 3,486) |
| Home Box Office | 2,152) | 1,917) | 1,878) | 1,786) | 1,791) |
| Warner Bros. | 1,761) | 1,734) | 1,416) | 1,159) | 1,324) |
| Time Inc. | —) | —) | —) | —) | 337) |
| Corporate | (430) | (498) | (367) | (73) | (394) |
| Intersegment eliminations | (52) | 22) | (149) | 149) | 61) |
| Total | 7,920) | 7,547) | 6,865) | 5,975) | 6,605) |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
The segment operating income data over the five-year period reveals several notable trends and shifts across different business units.
- Turner
- The operating income for Turner exhibited a decline from 2013 to 2014, dropping from 3,486 million US dollars to 2,954 million. Subsequently, it experienced a significant rebound and steady growth, reaching 4,087 million in 2015, 4,372 million in 2016, and 4,489 million in 2017. This pattern suggests an initial challenge followed by a strong recovery and consistent performance improvement over the latter years.
- Home Box Office (HBO)
- HBO's operating income remained relatively stable between 2013 and 2014, with a marginal decrease from 1,791 million to 1,786 million US dollars. From 2015 onwards, steady growth is observed, rising to 1,878 million in 2015, 1,917 million in 2016, and a more pronounced increase to 2,152 million in 2017. The data indicates moderate but consistent upward momentum in operating income for HBO.
- Warner Bros.
- Warner Bros. experienced a decrease in operating income from 1,324 million in 2013 to 1,159 million in 2014. This was followed by a robust recovery and growth over the next three years, with operating income reaching 1,416 million in 2015, jumping to 1,734 million in 2016, and slightly increasing further to 1,761 million in 2017. The upward trend after 2014 highlights renewed operational strength.
- Time Inc.
- Data for Time Inc. is only available for 2013, with an operating income of 337 million US dollars. No data is reported for subsequent years, indicating either divestment, discontinuation, or reclassification of this segment post-2013.
- Corporate
- The corporate segment consistently reported negative operating income throughout the period, implying ongoing expenses or losses that were not allocated to reportable segments. The losses narrowed considerably in 2014 to -73 million, but worsened substantially back to -367 million in 2015 and further declined to -498 million in 2016 before slightly improving to -430 million in 2017. This pattern suggests fluctuations in corporate overheads or centralized costs, with a general trend of increased losses after 2014.
- Intersegment Eliminations
- Intersegment eliminations showed variability without a clear trend. The figures were positive in 2013 (61 million) and 2014 (149 million), turned negative in 2015 (-149 million), bounced back to positive in 2016 (22 million), and reverted to negative in 2017 (-52 million). These fluctuations reflect adjustments made to eliminate the effects of intercompany transactions across segments.
- Total Operating Income
- The overall total operating income declined from 6,605 million in 2013 to 5,975 million in 2014. Subsequently, it increased steadily year-over-year, reaching 6,865 million in 2015, 7,547 million in 2016, and 7,920 million in 2017. This trend demonstrates a recovery and growth trajectory in aggregate segment operating income following the dip in 2014.
In summary, the data indicates that after an initial decline in 2014 affecting most segments and total operating income, the company achieved notable recovery and increasing profitability through 2017, driven primarily by improvements in Turner, Warner Bros., and Home Box Office. The corporate segment continued to exert downward pressure due to persistent losses, while changing intersegment eliminations reflect ongoing internal financial adjustments. The absence of data for Time Inc. beyond 2013 suggests strategic changes regarding this segment during the observed period.
Assets
Time Warner Inc., assets by reportable segment
US$ in millions
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Turner | 27,111) | 26,317) | 25,559) | 25,271) | 26,067) |
| Home Box Office | 14,777) | 14,636) | 14,314) | 13,869) | 13,687) |
| Warner Bros. | 22,193) | 21,550) | 20,699) | 20,559) | 20,066) |
| Time Inc. | —) | —) | —) | —) | 5,667) |
| Corporate | 5,128) | 3,463) | 3,276) | 3,560) | 2,507) |
| Total | 69,209) | 65,966) | 63,848) | 63,259) | 67,994) |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
- Turner Segment Assets
- The assets of the Turner segment exhibited a slight decline from US$26,067 million at the end of 2013 to US$25,271 million in 2014, followed by a modest recovery in subsequent years, reaching US$27,111 million by the end of 2017. This indicates overall stability with a small upward trend after an initial dip.
- Home Box Office Segment Assets
- The Home Box Office segment showed consistent growth over the period analyzed. Assets increased steadily from US$13,687 million in 2013 to US$14,777 million in 2017, reflecting incremental annual expansions and a positive growth trajectory.
- Warner Bros. Segment Assets
- Warner Bros. assets demonstrated moderate but steady growth from US$20,066 million in 2013 to US$22,193 million in 2017. This represents a continuous rise each year, suggesting sustained investment and/or asset accumulation within this segment.
- Time Inc. Segment Assets
- Time Inc. has reported assets only for the year ending 2013, amounting to US$5,667 million. No data was available for subsequent years, indicating divestiture, reclassification, or lack of reporting of this segment’s assets after 2013.
- Corporate Assets
- Corporate assets increased noticeably from US$2,507 million in 2013 to US$5,128 million in 2017. The most significant jump occurred between 2013 and 2014, and although values fluctuated slightly afterward, the overall trend was upward, more than doubling over the five-year period.
- Total Reportable Segment Assets
- The total reportable segment assets declined from US$67,994 million in 2013 to US$63,259 million in 2014, but then showed gradual recovery and growth, reaching US$69,209 million by the end of 2017. This pattern suggests an initial contraction followed by steady expansion of total assets across the segments.
Capital expenditures
Time Warner Inc., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|
| Turner | 225) | 196) | 157) | 173) | 210) |
| Home Box Office | 111) | 98) | 68) | 58) | 45) |
| Warner Bros. | 137) | 86) | 122) | 206) | 236) |
| Time Inc. | —) | —) | —) | —) | 34) |
| Corporate | 183) | 52) | 76) | 37) | 77) |
| Total | 656) | 432) | 423) | 474) | 602) |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
- Overall Capital Expenditures Trend
- Total capital expenditures show a general decline from 602 million USD in 2013 to a low of 423 million USD in 2015, followed by a gradual recovery to 432 million USD in 2016 and a significant increase to 656 million USD in 2017. This indicates a renewed investment focus in the final year under review.
- Turner Segment
- Capital expenditures for the Turner segment decreased from 210 million USD in 2013 to 157 million USD in 2015, showing a consistent reduction over this period. However, expenditures increased again in 2016 and 2017, reaching 225 million USD, the highest in the table, suggesting a rebound in investment activity within this segment.
- Home Box Office Segment
- The Home Box Office segment exhibits a steady upward trend in capital expenditures throughout the period. Starting from 45 million USD in 2013, expenditures increased consistently each year to reach 111 million USD by 2017. This continuous growth reflects a sustained expansion or enhancement of asset investment in this area.
- Warner Bros. Segment
- Warner Bros. shows a significant decline in capital expenditures from 236 million USD in 2013 to just 86 million USD in 2016. However, a partial recovery is observed in 2017 with expenditures increasing to 137 million USD. This suggests an initial contraction followed by a cautious reinvestment.
- Time Inc. Segment
- Capital expenditure data for Time Inc. is limited to the year 2013 at 34 million USD, with no further data reported for the subsequent years. This absence of data may indicate divestiture, reclassification, or discontinuation of reporting for this segment.
- Corporate Segment
- Corporate level capital expenditures fluctuate considerably over the period. Starting at 77 million USD in 2013, spending decreases to 37 million USD in 2014, rises to 76 million USD in 2015, declines again in 2016 to 52 million USD, and then sharply increases to 183 million USD in 2017. The significant jump in the final year suggests increased corporate-level investments or strategic projects implemented during that period.