DIRECTV 2010 Annual Report Download - page 83

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DIRECTV
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31,
2010 2009 2008
(Dollars in Millions)
Cash Flows From Operating Activities
Net income ........................................................................................ $2,312 $ 1,007 $ 1,613
Income from discontinued operations, net of taxes ............................................................... — — (6)
Income from continuing operations ......................................................................... 2,312 1,007 1,607
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization .......................................................................... 2,482 2,640 2,320
Amortization of deferred revenues and deferred credits ........................................................... (36) (48) (104)
Share-based compensation expense ........................................................................ 82 55 51
Equity in earnings from unconsolidated affiliates ............................................................... (90) (51) (55)
Dividends received .................................................................................. 78 94 35
Net loss from impairment of investments .................................................................... — 45 —
Net foreign currency transaction charges .................................................................... (11) (62) —
Liberty transaction and related (gains) charges ................................................................. (67) 491 —
Deferred income taxes ................................................................................ 375 441 107
Other .......................................................................................... 60 48 31
Change in operating assets and liabilities:
Accounts receivable ................................................................................ (391) (141) 95
Inventories ..................................................................................... (35) (12) 18
Prepaid expenses and other ........................................................................... (4) (5) (96)
Accounts payable and accrued liabilities ................................................................... 437 (215) (23)
Unearned subscriber revenues and deferred credits ............................................................ 52 55 8
Other, net ...................................................................................... (38) 89 (84)
Net cash provided by operating activities ................................................................. 5,206 4,431 3,910
Cash Flows From Investing Activities
Cash paid for property and equipment ....................................................................... (2,303) (2,012) (2,101)
Cash paid for satellites ................................................................................. (113) (59) (128)
Cash paid for Liberty transaction, net of cash acquired ............................................................ — (97) —
Investment in companies, net of cash acquired .................................................................. (617) (37) (204)
Other, net ......................................................................................... (66) 11 45
Net cash used in investing activities .................................................................... (3,099) (2,194) (2,388)
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