DIRECTV 2011 Annual Report Download - page 132

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DIRECTV
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2010
Parent Guarantor Non-Guarantor DIRECTV
Guarantor Co-Issuers Subsidiaries Subsidiaries Eliminations Consolidated
(Dollars in Millions)
Cash flows from operating activities
Net cash provided by (used in) operating activities ............................ $3,952 $ 2,263 $ 1,678 $ (607) $(2,080) $ 5,206
Cash flows from investing activities
Cash paid for property and equipment .................................... — — (1,444) (859) — (2,303)
Cash paid for satellites .............................................. — — (113) — — (113)
Investment in companies, net of cash acquired ............................... — — (1) (616) — (617)
Proceeds from sale of investments ....................................... — — — 9 — 9
Return of capital from subsidiary ....................................... 4,820 — — — (4,820) —
Other, net ...................................................... — — 3 (78) — (75)
Net cash provided by (used in) investing activities ........................... 4,820 — (1,555) (1,544) (4,820) (3,099)
Cash flows from financing activities
Cash proceeds from debt issuance ....................................... — 5,978 — — — 5,978
Debt issuance costs ................................................. — (44) — — — (44)
Repayment of long-term debt .......................................... — (2,323) — — — (2,323)
Proceeds from short-term borrowings ..................................... — — — 38 — 38
Repayment of collar loan and equity collars ................................ — — — (1,537) — (1,537)
Repayment of other long-term obligations .................................. — — (99) (28) — (127)
Common shares repurchased and retired ................................... (5,111) — — — — (5,111)
Stock options exercised .............................................. 38 — — — — 38
Taxes paid in lieu of shares issued for share-based compensation ................... (58) — (38) (22) — (118)
Excess tax benefit from share-based compensation ............................ — — 9 2 — 11
Dividends paid to redeemable noncontrolling interest .......................... — — — (15) — (15)
Intercompany payments (funding) ....................................... (3,751) — 2 3,749 — —
Cash dividend to Parent ............................................. — (6,900) — — 6,900 —
Net cash provided by (used in) financing activities .......................... (8,882) (3,289) (126) 2,187 6,900 (3,210)
Net increase (decrease) in cash and cash equivalents ............................. (110) (1,026) (3) 36 — (1,103)
Cash and cash equivalents at beginning of the period ............................ 557 1,709 7 332 — 2,605
Cash and cash equivalents at the end of the period ............................. $ 447 $ 683 $ 4 $ 368 $ — $1,502
108