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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "This slide serves as a detailed financial narrative supporting a capital allocation argument.",
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      "text": "TWX, as a consolidated entity, should have up to $20.0 billion of debt capacity without jeopardizing an investment grade credit rating.",
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      "text": "debt capacity: $20.0 billion",
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      "text": "The individual business units of TWX, if separated, should have the ability to manage even more debt, estimated at up to $23.0 billion without jeopardizing their ability to secure investment grade ratings... The analysis does not recommend that any TWX entity should be leveraged to a credit profile below investment grade, though certain entities could handle such levels if desired by their Board of Directors.",
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      "text": "TWX, on a consolidated basis as of December 31, 2005, has an estimated $25.0 billion of net debt... This Free Cash Flow should de-lever the capital structure in a steady and predictable manner.",
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      "text": "Even allowing for incremental investment in the business, the analysis suggests that TWX could use its substantial debt capacity for a larger and more immediate return of capital to shareholders than currently contemplated in the Management Repurchase Plan. As compared to the Management Repurchase Plan, the financial impact on TWX of a larger, more immediate repurchase would be higher free cash flow and EPS growth, less cash taxes paid, and a higher return on equity.",
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      "text": "TWX, as a consolidated entity, should have up to $20.0 billion of debt capacity without jeopardizing an investment grade credit rating... There should be sufficient cushion within the credit rating for unexpected shortfalls in operating performance and investment.",
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      "text": "(a) All figures are pro forma for the Adelphia/Comcast transactions... (b) Free Cash Flow is defined as OIBDA less cash taxes, interest expense, capital expenditures and working capital. (c) Free Cash Flow is pro forma... (d) The analysis assumes that TWX will repurchase a total of $20.0 billion of TWX shares...",
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      "kind": "title",
      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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