Comcast 2008 Annual Report Download - page 45

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Consolidated Statement of Cash Flows
Year ended December 31 (in millions) 2008 2007 2006
Operating Activities
Net income $ 2,547 $ 2,587 $ 2,533
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation 5,457 5,107 3,828
Amortization 943 1,101 995
Depreciation and amortization of discontinued operations —— 139
Share-based compensation 258 212 190
Noncash interest expense (income), net 209 114 99
Equity in net losses (income) of affiliates, net 39 63 65
(Gains) losses on investments and noncash other (income) expense, net 321 (938) (920)
Gain on discontinued operations —— (736)
Noncash contribution expense —11 33
Minority interest (22) (38) 12
Deferred income taxes 495 247 674
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Change in accounts receivable, net 39 (100) (357)
Change in accounts payable and accrued expenses related to trade creditors (38) 175 560
Change in other operating assets and liabilities (17) (352) (497)
Net cash provided by (used in) operating activities 10,231 8,189 6,618
Financing Activities
Proceeds from borrowings 3,535 3,713 7,497
Retirements and repayments of debt (2,610) (1,401) (2,039)
Repurchases of common stock (2,800) (3,102) (2,347)
Dividends paid (547) ——
Issuances of common stock 53 412 410
Other (153) 62 25
Net cash provided by (used in) financing activities (2,522) (316) 3,546
Investing Activities
Capital expenditures (5,750) (6,158) (4,395)
Cash paid for intangible assets (527) (406) (306)
Acquisitions, net of cash acquired (738) (1,319) (5,110)
Proceeds from sales of investments 737 1,761 2,720
Purchases of investments (1,167) (2,089) (2,812)
Other (32) 62 31
Net cash provided by (used in) investing activities (7,477) (8,149) (9,872)
Increase (decrease) in cash and cash equivalents 232 (276) 292
Cash and cash equivalents, beginning of year 963 1,239 947
Cash and cash equivalents, end of year $ 1,195 $ 963 $ 1,239
See notes to consolidated financial statements.
43 Comcast 2008 Annual Report on Form 10-K