DIRECTV 2004 Annual Report Download - page 67

THE DIRECTV GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31,
2004
2003
2002
(Dollars in Millions)
Cash Flows from Operating Activities
Loss from continuing operations before cumulative effect of accounting changes
$
(1,056.4
)
$
(375.3
)
$
(114.9
)
Adjustments to reconcile loss from continuing operations before cumulative effect of accounting changes to net cash
provided by operating activities:
Depreciation and amortization
838.0
754.9
676.7
Asset impairment charges
1,693.2
—
—
Equity losses from unconsolidated affiliates
0.2
81.5
70.1
Net gain from sale of investments
(396.5
)
(7.5
)
(84.1
)
Net unrealized (gain) loss on investments
—
(79.4
)
180.6
Stock-based compensation expense
57.1
10.5
—
Net gain on exit of DIRECTV Japan business
—
—
(41.1
)
Loss on disposal of assets
24.9
10.4
49.3
Deferred income taxes and other
(850.5
)
(61.1
)
155.3
Accounts receivable credited against Pegasus purchase price
(220.2
)
—
—
Change in other operating assets and liabilities
Accounts and notes receivable
18.8
(103.4
)
(63.2
)
Inventories
23.2
(40.4
)
120.8
Prepaid expenses and other
(20.8
)
(14.4
)
240.2
Accounts payable
(46.7
)
339.7
(156.4
)
Accrued liabilities
(101.7
)
203.4
38.4
Other
266.0
68.3
(359.8
)
Net Cash Provided by Operating Activities
228.6
787.2
711.9
Cash Flows from Investing Activities
Proceeds from sale of businesses
2,918.4
—
—
Proceeds from sale of investments
510.5
29.8
322.4
Cash paid for acquired assets
(997.3
)
—
—
Investment in companies, net of cash acquired
(388.5
)
(11.8
)
(27.0
)
Payment received on note receivable from PanAmSat
—
—
1,725.0
Net sale (purchase) of short-term investments
7.6
(43.5
)
—
Expenditures for property
(476.4
)
(410.6
)
(497.8
)
Expenditures for satellites
(546.7
)
(336.8
)
(456.7
)
Other
5.5
33.0
0.3
Net Cash Provided by (Used in) Investing Activities
1,033.1
(739.9
)
1,066.2
Cash Flows from Financing Activities
Net decrease in notes and loans payable
(6.2
)
(515.3
)
(1,100.8
)
Long-term debt borrowings
1.2
2,627.3
1.1
Repayment of long-term debt
(214.8
)
(18.8
)
(183.3
)
Debt issuance costs
(2.4
)
(68.8
)
(44.1
)
Stock options exercised
23.0
17.7
5.1
Repayment of obligations under capital lease
(12.0
)
—
—
Special cash dividend paid to General Motors
—
(275.0
)
—
Preferred stock dividends paid to General Motors
—
—
(68.7
)
Payment of Raytheon settlement
—
—
(134.2
)
Net Cash Provided by (Used in) Financing Activities
(211.2
)
1,767.1
(1,524.9
)
Net cash provided by continuing operations
1,050.5
1,814.4
253.2
Net cash used in discontinued operations
—
(429.5
)
(155.0
)
Net increase in cash and cash equivalents
1,050.5
1,384.9
98.2
Cash and cash equivalents at beginning of the year
1,779.5
394.6
296.4
Cash and cash equivalents at end of the year
$
2,830.0
$
1,779.5
$
394.6
Supplemental Cash Flow Information
Cash paid for interest
$
137.4
$
174.1
$
166.2
Cash (paid) received for income taxes
(49.2
)
29.2
356.6
Reference should be made to the Notes to the Consolidated Financial Statements.
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