DIRECTV 2011 Annual Report Download - page 131

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DIRECTV
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2011
Parent Guarantor Non-Guarantor DIRECTV
Guarantor Co-Issuers Subsidiaries Subsidiaries Eliminations Consolidated
(Dollars in Millions)
Cash flows from operating activities
Net cash provided by operating activities .................................. $1,831 $ 1,835 $ 1,745 $ 1,537 $(1,763) $ 5,185
Cash flows from investing activities
Cash paid for property and equipment .................................... — — (1,595) (1,329) — (2,924)
Cash paid for satellites .............................................. (1) — (141) (104) — (246)
Investment in companies, net of cash acquired ............................... — — (11) — — (11)
Proceeds from sale of investments ....................................... — — 55 61 — 116
Return of capital from subsidiary ....................................... 3,487 — — — (3,487) —
Other, net ...................................................... — — 1 42 — 43
Net cash provided by (used in) investing activities ........................... 3,486 — (1,691) (1,330) (3,487) (3,022)
Cash flows from financing activities
Cash proceeds from debt issuance ....................................... — 3,990 — — — 3,990
Debt issuance costs ................................................. — (30) — — — (30)
Repayment of long-term debt .......................................... — (1,000) — — — (1,000)
Repayment of short-term borrowings ..................................... — — — (39) — (39)
Repayment of other long-term obligations .................................. — — (66) (118) — (184)
Common shares repurchased and retired ................................... (5,496) — — — — (5,496)
Taxes paid in lieu of shares issued for share-based compensation ................... (5) — (29) (24) — (58)
Excess tax benefit from share-based compensation ............................ — — 21 4 — 25
Intercompany payments (funding) ....................................... (134) — 20 114 — —
Cash dividend to Parent ............................................. — (5,250) — — 5,250 —
Net cash used in financing activities .................................... (5,635) (2,290) (54) (63) 5,250 (2,792)
Net increase (decrease) in cash and cash equivalents ............................. (318) (455) — 144 — (629)
Cash and cash equivalents at beginning of the period ............................ 447 683 4 368 — 1,502
Cash and cash equivalents at the end of the period ............................. $ 129 $ 228 $ 4 $ 512 $ — $ 873
107