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Time Warner Inc. is a leading media and entertainment company with businesses in television networks, filmed entertainment, and publishing. The companys 2011 annual report contained

Time Warner Inc. is a leading media and entertainment company with businesses in television networks, filmed entertainment, and publishing. The companys 2011 annual report contained the following information (dollars in millions):

Net loss $ (12,602 )
Depreciation, amortization, and impairments 36,090
Decrease in receivables 3,045
Increase in inventories 6,066
Decrease in accounts payable 455
Additions to equipment 5,277

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1.

Based on this information, compute cash flow from operating activities using the indirect method. (Enter your answers in millions. List cash outflows as negative amounts.)

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