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(a)	Circulation level guaranteed to advertisers for regular issue U.S. magazines in second-half 2016 or ABC reported first-half 2016 circulation for U.K. magazines, as applicable.

(b)	Number of physical issues, including regularly published special issues, delivered to subscribers in 2016.

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•	Content and edit platform

•	Advertising platform

•	Consumer marketing and revenue platform

•	Expanding revenues through brand extensions

•

We have made significant changes to our editorial and production operations to position ourselves for cross-platform success. In 2016, we centralized our U.S. editorial reporting structure and created 10 digital desks covering topics where we have particular strength as a company, namely Celebrity, Entertainment, Food, Health, Home, News, Sports, Style & Beauty, Technology and Travel & Luxury. We believe the benefits of centralization and our platform approach to content creation include content sharing, implementing best practices across the organization and enterprise-level content initiatives.

•

We believe our content platform positions us for success in digital video because of our trusted and well-known brands, existing infrastructure (including state-of-the-art facilities that allow for lower-cost video production) and marketing/promotional reach across print and digital media. In 2016, Time Inc.’s digital video grew significantly, with 4.6 billion video starts, up nearly 150% from 2015, while our digital video unique visitors grew 82% year-over-year.

•

We have unified our content management system to more rapidly create, share and syndicate content across our entire U.S. portfolio and develop product features. In 2016, we consolidated multiple U.S. content management systems down to two core platforms that will work as one. We believe that this platform approach will enable us to more effectively and efficiently implement changes and share content more rapidly across our digital sites. For example, we can now quickly and efficiently introduce new ad tech capabilities, ad units and e-commerce features across all sites.

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•

In 2016, we centralized our advertising sales reporting structure in the U.S. We established a category sales approach that offers cross-brand solutions to advertisers on a category-by-category basis (e.g., pharmaceutical, food, autos). These actions are transforming the way our advertising sales organization goes to market; it is enabling us to have more expansive and deeper relationships with our advertiser and agency partners, helping us leverage our scale and the full suite of our advertising products, brands and data/targeting capabilities.

•	In 2016, we also launched The Foundry, our creative lab and content studio located in Brooklyn, New York, and doubled our native advertising revenues from the previous year. Our native studio has added substantial native capabilities and has been well received by our clients.

•

In early 2017, we acquired Adelphic Inc., a mobile-first self-serve demand-side platform. With this acquisition, Viant is enabled to provide advertisers with a self-serve buying process through Adelphic's mobile-first, cross-channel programmatic advertising platform. Adelphic’s self-service media planning and execution tools, including its ability to reach consumers across all screens and formats, are expected to bolster Viant’s people-based data and analytics offerings.

•	In 2016, we realigned our consumer marketing organization to integrate functions across our brands. This platform approach is aimed at creating efficiencies and providing support across our key growth drivers.

•	We are also working to transform our data architecture to enable us to gain a cross-portfolio, 360-degree view of our customers and prospects. By better understanding their needs and wants, we believe we can create stickier relationships and can introduce them to other non-print products and services.

•	We have been introducing advanced analytical techniques and methods including new marketing technology—this includes consumer-centric micro-targeting and segmentation.

•	In 2016, we acquired Bizrate Insights Inc. ("Bizrate Insights"), a consumer data company that specializes in developing consumer insights by extending its online and mobile surveys across partner sites. The acquisition of Bizrate Insights is expected to enable Time Inc. to enhance and expand our data capabilities, and generate incremental consumer subscription revenue.

•

We believe brand licensing is an area with large-scale potential. Two of our larger licensing programs are Real Simple’s partnership with Bed, Bath & Beyond, where we currently have hundreds of products, and our partnership with Dillard’s, which carries a line of Southern Living products. We intend to focus more closely on this potentially high-margin area, particularly by pursuing opportunities across more of our brands.

•	In over-the-top (OTT) video, in 2016, we launched the People/Entertainment Weekly Network (PEN). We have programmed more than 100 hours of original content since launch, and in 2017 we expect to expand PEN’s programming slate by producing over 300 hours of original content.

•

In the area of television production, in early 2017, we launched Time Inc. Productions which has over 75 projects in production and development. We believe there is strong and growing demand from broadcast, cable and digital networks for distinctive original content. Our strong brands and editorial content provide source material that we believe is well-suited for TV programming. We estimate that we will produce nearly 40 hours of long-form programming across our portfolio in 2017 for 11 different networks, up from five hours in 2014.

•	In live media, Time Inc. expects to host or manage many celebrated events in 2017, including the Essence Festival, Fortune’s Most Powerful Women Conferences and the Food & Wine Classic. In addition to launching new events,

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•	trademarks in product and service names and logos, including our key brands and trade names, such as “People,” “Sports Illustrated,” “InStyle,” “Time,” “Fortune” and “Travel + Leisure”;

•	copyrights in magazines, software, books, videos, websites and mobile apps, as well as in text and photos created or commissioned by us as “works made for hire”;

•	domain names;

•	licenses of intellectual property rights, including rights to many of the photos appearing in our magazines and third-party content appearing in our products; and

•	patents for inventions related to our products, business methods and/or services (although none of our patents are material to the financial condition or operation of our business).

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•	a reduction in the number of suppliers due to restructurings, bankruptcies and consolidations;

•	declining paper supply due to paper mill closures; and

•	other factors that generally adversely impact supplier profitability, including increases in operating expenses caused by rising raw material and energy costs.

•	increase our vulnerability to general adverse economic and industry conditions;

•	limit our ability to obtain additional financing to fund future working capital, capital expenditures and other general corporate requirements or to carry out other aspects of our business;

•	increase our cost of borrowing;

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•	require us to dedicate a substantial portion of our cash flow from operations to payments on indebtedness, thereby reducing the availability of such cash flow to fund working capital, capital expenditures and other general corporate requirements or to carry out other aspects of our business;

•	limit our ability to make material acquisitions or take advantage of business opportunities that may arise;

•	expose us to fluctuations in interest rates, to the extent our borrowings bear variable rates of interest;

•	limit our flexibility in planning for, or reacting to, changes in our business and industry; and

•	place us at a potential disadvantage compared to our competitors that have less debt.

•	incur or guarantee additional indebtedness or sell disqualified or preferred stock;

•	pay dividends on, make distributions in respect of, repurchase or redeem, capital stock;

•	make investments or acquisitions;

•	sell, transfer or otherwise dispose of assets out of the ordinary course of business, including restrictions on the use of proceeds of such sales;

•	create liens;

•	enter into sale/leaseback transactions;

•	enter into agreements restricting the ability to pay dividends or make other intercompany transfers;

•	consolidate, merge, sell or otherwise dispose of all or substantially all of our or our subsidiaries’ assets;

•	enter into transactions with affiliates;

•	prepay, repurchase or redeem certain kinds of indebtedness;

•	issue or sell stock of our subsidiaries; and

•	significantly change the nature of our business.

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•	limited in how we conduct our business and pursue our strategy;

•	unable to raise additional debt or equity financing to operate during general economic or business downturns; or

•	unable to compete effectively or to take advantage of new business opportunities.

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•	issues related to managing international operations, including our ability to hire and retain talented personnel;

•	potentially adverse changes in tax laws and regulations;

•	lack of sufficient protection for intellectual property in some countries;

•	government policies that restrict the print and digital flow of information;

•	complying with international laws and regulations, including those governing the collection, use, retention, sharing and security of consumer data;

•	currency exchange and export controls;

•	fluctuation in currency exchange rates;

•	local labor laws and regulations;

•	political or social instability; and

•	limitations on our ability to efficiently repatriate cash from our foreign operations.

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•	the difficulty in integrating newly acquired businesses and operations in an efficient and effective manner;

•	the challenge in achieving strategic objectives, cost savings and other anticipated benefits;

•	the potential loss of key employees of the acquired businesses;

•	the potential diversion of senior management’s attention from our operations;

•	the risks associated with integrating financial reporting and internal control systems;

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•	the risks associated with the computing environment in which the acquired business operates, including security risks;

•	the difficulty in expanding information technology systems and other business processes to incorporate the acquired businesses;

•	potential future impairments of goodwill associated with the acquired businesses; and

•	in some cases, the potential for increased regulation.

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•

Prior to the Spin-Off, we operated as part of Time Warner’s broader corporate organization and Time Warner performed various corporate functions for us, including information technology, tax administration, treasury activities, accounting, benefits administration, procurement, legal and ethics and compliance program administration. Our historical financial information for periods prior to the Spin-Off reflects allocations of corporate expenses from Time Warner for these and similar functions. These allocations may not reflect the costs we would have incurred or will incur as an independent publicly-traded company.

•	We entered into agreements with Time Warner that either did not exist prior to the Spin-Off or that have different terms than terms of arrangements or agreements that existed prior to the Spin-Off.

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•

Our historical financial information for periods prior to the Spin-Off does not reflect changes that we have experienced or may experience as a result of our separation from Time Warner, including changes in the financing, operations, cost structure and personnel needs of our business. As part of Time Warner, we enjoyed certain benefits from Time Warner’s operating diversity, size, purchasing power, borrowing leverage and available capital for investments, and we lost these benefits after the Spin-Off. As an independent entity, we may be unable to purchase goods, services and technologies, such as insurance and health care benefits and computer software licenses, or access capital markets on terms as favorable to us as those we obtained as part of Time Warner prior to the Spin-Off. In addition, subject to the discretion of our Board and other factors, we have made and expect to continue to make quarterly dividend payments to our stockholders.

•	actual or anticipated fluctuations in our operating results due to factors related to our business;

•	success or failure of our business strategies;

•	our quarterly or annual earnings, or those of other companies in our industry;

•	our ability to obtain financing as needed;

•	announcements by us or our competitors of significant acquisitions or dispositions;

•	changes in accounting standards, policies, guidance, interpretations or principles;

•	the failure of securities analysts to continue to cover our common stock;

•	changes in earnings estimates by securities analysts or our ability to meet those estimates;

•	the operating and stock price performance of other comparable companies;

•	changes in the digital advertising and technology industry;

•	investor perception of our company and the magazine publishing industry;

•	overall market fluctuations;

•	results from any material litigation or government investigation;

•	changes in laws and regulations (including tax laws and regulations) affecting our business;

•	speculation about third party interest in an acquisition of our company;

•	changes in capital gains taxes and taxes on dividends affecting stockholders; and

•	general economic conditions and other external factors.

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•	permit us to issue blank check preferred stock;

•	do not permit our stockholders to act by written consent and require that stockholder action must take place at an annual or special meeting of our stockholders;

•	provide that only our Chief Executive Officer, Board of Directors or any record holders of shares representing at least 25% of the combined voting power of the outstanding shares of all classes and series of our capital stock entitled generally to vote in the election of directors, voting as a single class, are entitled to call a special meeting of our stockholders; and

•	limit the ability of certain stockholders to enter into business combination transactions with the Company without the approval of our Board of Directors.

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(a)

The lease at 225 Liberty Street commenced on February 11, 2015 and extends through December 31, 2032, although cash payments for rent obligations under the lease are not expected to begin until January 1, 2018. We have two five-year renewal options under this lease that are exercisable in December 2030 and 2035, respectively. We have an option to reduce the amount of space under this lease that is exercisable in June 2026.

(b)	We have two five-year renewal options under this lease that are exercisable in June 2019 and 2024.

(c)	Approximately 105,000 square feet are subleased to unaffiliated third-party tenants.

(d)	We have four five-year renewal options under this lease that are exercisable in December 2029, 2034, 2039, and 2044, respectively.

(e)	Our lease for 11,000 square feet of the space will expire in December 2017.

(f)	We have one five-year renewal option under this lease that is exercisable in July 2030. We have two expansion options under this lease that are both exercisable between June 2017 and December 2018.

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(1)	On November 12, 2015, our Board of Directors authorized the repurchase of up to $300 million of Time Inc.'s common stock. The authorization expires on December 31, 2017, subject to extension or earlier termination by the Board of Directors.

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(a)

On the Distribution Date, approximately 108.94 million shares of Time Inc. stock were distributed to Time Warner stockholders of record. This initial share amount is being utilized for the calculation of both basic and diluted net income (loss) per common share for all years presented that ended prior to the Distribution Date as Time Inc. common stock was privately held by Time Warner Inc. prior to June 6, 2014.

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(a)	The following documents are filed as part of this annual report on Form 10-K:

(1)	The financial statements as indicated in the index set forth on page 79

(2)	Financial Statement Schedule:

(3)	Exhibits

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•

Investing in digital media, including mobile, TV/video, over-the-top and extensions of our brands across our owned-and-operated sites, as well as social media. In January 2016, we unified product engineering and technology under our new President of Digital. In July 2016, our editorial organization was unified under our new Chief Content Officer, and over the course of 2016, we introduced a new structure for edit in order to develop common tools and processes at scale, to share content more easily and take a more integrated approach to content creation;

•	Realigning our sales organization into a centralized reporting structure and expanding cross-brand advertising sales;

•	Building native advertising and custom content capabilities across our portfolio and at The Foundry in Brooklyn, New York;

•	Realigning our consumer marketing organization to integrate functions across brands; and deploying consumer-centric, targeting and analytical techniques to optimize price, offer and revenue;

•	Extending our brands beyond magazines, including through direct sale or brand licensing agreements related to consumer products and services;

•	Using our extensive database and consumer insights to extend data services to marketers, including investing to offer advertisers and agencies performance-based advertising solutions;

•	Expanding live events and conferences; and

•	Streamlining our organizational structure to achieve operational efficiencies, including through global sourcing of staff.

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•

Real Estate Related: Depreciation expense decreased $38 million for the year ended December 31, 2016 compared to 2015 as we completed the sale-leaseback of the Blue Fin Building during the fourth quarter of 2015 and completed the accelerated depreciation on our tenant improvements at our former New York City headquarters at 1271 Avenue of the Americas in 2015 in anticipation of relocating at the end of 2015. This accelerated depreciation charge impacted the years ended December 31, 2015 and 2014 by $21 million and $16 million, respectively. These decreases were partially offset by increased depreciation related to our new headquarters at 225 Liberty Street of $16 million in 2016. Additionally, rent expense decreased $32 million during the year ended December 31, 2016 compared to 2015 as we no longer have duplicate rent for our New York City facilities as we completed the exit from our former headquarters in the fourth quarter of 2015. During the year ended December 31, 2015, we incurred incremental rent expense of $39 million of which $27 million related to the relocation of our New York City headquarters. These decreases were partially offset by rent expense in 2016 related to our leases in the Blue Fin Building.

•	Equity Method Losses: We had suspended recognizing equity losses for certain equity method investments during 2015 as our investee losses were in excess of the investments' carrying amounts. During the year ended December 31, 2016, we provided additional financial support to these equity-method investments and recognized $9 million in equity losses related to these fundings.

•	Corporate Transactions: We sold our Mexico-based GEX operations in August 2014 and our CNNMoney.com collaborative arrangement with a subsidiary of Time Warner terminated in June 2014.

•

Wholesaler Transition: In May 2014, we informed the then second-largest wholesaler of our publications (the "Discontinued Wholesaler") that effective immediately we would discontinue sales of publications to that wholesaler. In connection with this action, in the second quarter of 2014, we reversed $19 million of revenues and wrote-off $8 million of receivables to bad debt expense from the Discontinued Wholesaler. The wholesaler transition further adversely impacted our Revenues by $3 million in the third quarter of 2014.

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NM	- Not Meaningful

(a)	Costs of revenues and Selling, general and administrative expenses set forth above exclude depreciation.

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(a)	Costs of revenues and Selling, general and administrative expenses set forth above exclude depreciation.

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(a)	Includes domestic net income tax refunds received of $57 million and paid of $32 million and $37 million for the years ended December 31, 2016, 2015 and 2014, respectively. Includes foreign net income taxes of nil for the year ended December 31, 2016 and paid of $3 million for each of the years ended December 31, 2015 and 2014.

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•	a Term Loan in an initial 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.

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(a)	Primarily relates to minimum guarantee revenue share payments to our advertising and content partners.

(b)

We have long-term, noncancelable operating lease commitments for office space, studio facilities and equipment. Future minimum operating lease payments have been reduced by future minimum sublease income of $44 million in 2017, $9 million in 2018, $9 million in 2019, $8 million in 2020, $3 million in 2021 and $34 million thereafter. Rent expense was $71 million, $103 million and $91 million for the years ended December 31, 2016, 2015 and 2014, respectively.

(c)	In March 2016, we negotiated a settlement and made the related payment to our landlord to settle our obligations for certain floors of our property at 135 West 50th Street for $9 million and reversed $3 million of restructuring expense. These rental obligations were payable through 2017.

(d)	Includes future payments of principal and interest due on our Term Loan and Senior Notes. Interest on variable rate debt is calculated based on the prevailing interest rate as of December 31, 2016.

(e)	Accrued benefit liability for pension and other postretirement benefit plans is affected by, among other items, statutory funding levels, changes in plan demographics, discount rates and assumptions and investment returns on plan assets. A portion of the payments under our Company-sponsored qualified pension plans will be made out of existing assets of the pension plans and not Company cash.

(f)

The contractual obligations table above does not include any liabilities for uncertain income tax positions as we are unable to reasonably predict the ultimate amount or timing of settlement of these liabilities. At December 31, 2016, the liability for uncertain tax positions was $32 million, excluding the related accrued interest liability of $9 million and deferred tax assets of $6 million. See Note 9, "Income Taxes", to the accompanying financial statements. Additionally, the contractual obligations table above does not include any liabilities under our Revolving Credit Facility except for customary unused fees. The Revolving Credit Facility was undrawn as of December 31, 2016, except for the $3 million in letters of credit issued thereunder and we cannot reasonably predict any potential draw downs on the Revolving Credit Facility. In addition to the letters of credit under the Revolving Credit Facility we maintain letters of credit under various financial institutions which were insignificant as of December 31, 2016. Certain of our foreign subsidiaries have access to lines of credit, of which $9 million was outstanding as of December 31, 2016.

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•	changes in and the execution of our plans, initiatives and strategies;

•	recent and future changes in technology, including methods for the delivery of our content;

•	changes in consumer behavior, including changes in spending behavior and changes in when, where and how content is consumed;

•	our ability to develop or acquire technologies that enable us to serve changing consumer behaviors and support our evolving business needs;

•	competitive pressures;

•	our ability to deal effectively with economic slowdowns or other economic or market difficulties;

•	possible disruptions in our retail distribution channels due to challenging conditions in the highly-concentrated wholesale magazine distribution industry, the financial instability of certain wholesalers and a reduction of retail outlets as a result of weak economic or industry conditions;

•	increases in the price of paper or in postal rates and services or disruption of services from our suppliers including our printers;

•	changes in advertising market conditions or advertising expenditures due to, among other things, economic conditions, changes in consumer behavior, pressure from public interest groups, changes in laws and regulations and other societal or political developments;

•	our ability to exploit and protect our intellectual property rights in and to our content and other products;

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•	lower than expected valuations associated with our cash flows and revenues, which could impair our ability to realize the value of recorded intangible assets and Goodwill;

•	increased volatility or decreased liquidity in the capital markets, including any limitation on our ability to access the capital markets, refinance our outstanding indebtedness or obtain bank financing on acceptable terms;

•	impacts on our pension obligations due to changes in equity markets, our credit rating, interest rates, actuarial assumptions and regulatory actions;

•	the effect of any significant acquisitions, investments, dispositions and other similar transactions by us, including the Viant acquisition;

•	the adequacy of our risk management framework;

•	changes in GAAP or other applicable accounting policies;

•	the impact of terrorist acts, hostilities, natural disasters (including extreme weather) and pandemic viruses;

•

a disruption, breach (including misappropriation or accidental release of data) or failure of network and information systems or other technology on which our business relies (including the network and information systems or other technology of our vendors, partners and suppliers), or any delay in recovering from such, that occurs as a result of computer viruses, malware, hackers or similar causes, including possible loss of revenue due to cancellation of customers' credit cards on file for subscription auto-renewals resulting from credit card data breaches affecting us or third parties, and reputational harm that may result from any of these incidents;

•	changes in tax and other laws and regulations affecting our domestic or international operations, including the impact of Brexit;

•	changes in foreign exchange rates;

•	the outcome of litigation and other proceedings, including the matters described in the notes to our Financial Statements, as well as possible regulatory actions and civil claims involving privacy issues related to consumer data collection and use practices; and

•	the other risks and uncertainties detailed in Part I, Item 1A. "Risk Factors," in this annual report on Form 10-K.

•	Gross versus Net Revenue Recognition;

•	Impairment of Goodwill and Long-Lived Assets;

•	Sales Returns;

•	Pension Benefits; and

•	Income Taxes.

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(a)	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.

(b)

Our Equity-method investments primarily consist of joint ventures. During the year ended December 31, 2016, we made a $6 million investment in a digital content company. For the year ended December 31, 2016, we recorded equity losses of $20 million primarily related to resuming applying the equity method after providing additional financial support to certain equity-method investments and an other than temporary impairment of an Equity-method investment. For the years ended December 31, 2015 and 2014, we recognized equity losses of $8 million and $12 million, respectively.

(c)	During the year ended December 31, 2016, we made a $3 million investment in a privately-held e-commerce subscription company. We use available qualitative and quantitative information to evaluate all Cost-method investments for impairment at least quarterly.

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(a)

Contingent consideration, of which $1 million and $6 million is included in Accounts payable and accrued liabilities and $1 million and $7 million in Other noncurrent liabilities on the accompanying Balance Sheets as of December 31, 2016 and 2015, respectively, consists of earn-out liabilities in connection with acquisitions. Fair values were derived using a Monte Carlo simulation approach or a probability weighted present value of expected future payouts 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 operational metrics.

(b)

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.

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(a)

In 2016, we wrote off approximately $300 million of fully depreciated assets primarily related to leaseholds and improvements and Furniture, fixtures and other equipment upon exercise of our option to surrender with respect to our Time and Life Building lease during the first quarter of 2016. Leasehold improvements are depreciated using the straight-line method over the shorter of their estimated useful lives of the remaining lease term.

(b)	Includes accumulated amortization of $249 million and $315 million related to capitalized software as of December 31, 2016 and 2015, respectively.

(c)	Amounts in 2016 and 2015 primarily related to capitalized software in process.

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(a)	See Note 3, "Acquisitions and Dispositions."

(b)	We disposed of $18 million of allocated Goodwill in connection with the sale of TOH on April 1, 2016 and we disposed of allocated Goodwill of $222 million in connection with the consummation of the sale of the Blue Fin Building in the U.K. in the fourth quarter of 2015.

(c)	Goodwill impairment of $1 million during the year ended December 31, 2016 related to our INVNT reporting unit. Goodwill impairment of $952 million was recorded during the third quarter of 2015 in connection with our interim impairment assessment.

(d)	Purchase price adjustments in 2016 were insignificant. Purchase price adjustments in 2015 related to tax assets in connection with our Cozi Inc. acquisition.

(e)	The carrying amount of Goodwill presented was net of accumulated impairments of $16 billion as of both December 31, 2016 and 2015.

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(a)	Included in other intangible assets as of December 31, 2016 is capitalized software of $48 million, with accumulated amortization of $15 million.  As of December 31, 2015 other intangible assets included capitalized software of $12 million, with accumulated amortization of $7 million.  These other intangible assets are amortized over a useful life of three to seven years.

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(a)	Foreign withholding taxes were insignificant for the years ended December 31, 2016 and 2015 and $1 million for the year ended December 31, 2014.

(b)	Excludes excess tax benefits from equity awards allocated directly to contributed capital which were insignificant in 2016, 2015 and 2014.

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(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)	Included within Selling, general and administrative expenses on the accompanying Statements of Operations.

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(a)	The weighted average contractual life of unvested RSUs at both December 31, 2016 and 2015 was one year.

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N/A	- Not applicable as the Time Inc. Excess Benefit Pension Plan was terminated in 2015.

N/A	- Not applicable as the Time Inc. Excess Benefit Pension Plan was terminated in 2015.

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N/A	- Not applicable.

(a)	The amount expected to be recognized in net periodic benefit cost (credit) in 2017 is approximately a $20 million benefit.

N/A	- Not applicable.

N/A	- Not applicable.

(a)	Expected long-term return on plan assets is not applicable as to unfunded pension plans.

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(a)	Noncash adjustments to employee terminations relate to the effect of foreign exchange rate changes and the settlement of certain employee-related equity instruments.

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(a)

We have long-term, noncancelable operating lease commitments for office space, studio facilities and equipment. Future minimum operating lease payments have been reduced by future minimum sublease income of $44 million in 2017, $9 million in 2018, $9 million in 2019, $8 million in 2020, $3 million in 2021 and $34 million thereafter. Rent expense was $71 million, $103 million and $91 million for the years ended December 31, 2016, 2015 and 2014, respectively.

(b)	In March 2016, we negotiated a settlement and made the related payment to our landlord to settle our obligations for certain floors of our property at 135 West 50th Street for $9 million and reversed $3 million of restructuring expense. These rental obligations were payable through 2017.

(c)	Administrative and other primarily relate to (1) minimum guarantee revenue share payments to our advertising and content partners and (2) information technology and licensed services obligations.

(d)	Includes future payments of principal and interest due on our Term Loan and Senior Notes. Interest on variable rate debt is calculated based on the prevailing interest rate as of December 31, 2016.

(e)	Accrued benefit liability for pension and other postretirement benefit plans is affected by, among other items, statutory funding levels, changes in plan demographics, discount rates and assumptions and investment returns on plan assets. A portion of the payments under our Company-sponsored qualified pension plans will be made out of existing assets of the pension plans and not Company cash.

(f)

The contractual obligations table above does not include any liabilities for uncertain income tax positions as we are unable to reasonably predict the ultimate amount or timing of settlement of these liabilities. At December 31, 2016, the liability for uncertain tax positions was $32 million, excluding the related accrued interest liability of $9 million and deferred tax assets of $6 million. See Note 9, "Income Taxes", to the accompanying financial statements. Additionally, the contractual obligations table above does not include any liabilities under our Revolving Credit Facility except for customary unused fees. The Revolving Credit Facility was undrawn as of December 31, 2016, except for the $3 million in letters of credit issued thereunder and we cannot reasonably predict any potential draw downs on the Revolving Credit Facility. In addition to the letters of credit under the Revolving Credit Facility we maintain letters of credit under various financial institutions which were insignificant as of December 31, 2016. Certain of our foreign subsidiaries have access to lines of credit, of which $9 million was outstanding as of December 31, 2016.

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(a)	Decrease in prepaid income taxes was largely driven by domestic income tax refunds received during the year ended December 31, 2016.

(b)

For the year ended December 31, 2016, we provided a £10 million loan ($2 million in Prepaid expenses and other current assets and $10 million in Other assets as of December 31, 2016) to a new printing vendor for our UK operations to assist in financing its purchase of the printing facilities of our former printing vendor. The loan was provided in order to maintain continuity in printing operations for our UK business. The interest rate on the loan is 8% per annum and has a term of five years with principal repayments of £0.3 million per quarter and £5 million at the end of the five year term.

(c)	The Deferred gain related to the sale-leaseback of the Blue Fin Building that was completed in the fourth quarter of 2015 will be recognized ratably over the lease term through 2025.

(d)	Refer to Note 13, "Benefit Plans."

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(a)	Revenues are attributed to countries based on location of customer.

(a)	Reflects total assets less current assets, Goodwill, Intangible assets, net, investments and non-current deferred tax assets.

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