DIRECTV 2011 Annual Report Download - page 86

Download and view the complete annual report

Please find page 86 of the 2011 DIRECTV annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 152

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152

DIRECTV
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31,
2011 2010 2009
(Dollars in Millions)
Cash Flows From Operating Activities
Net income ........................................................................................ $2,636 $ 2,312 $ 1,007
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization .......................................................................... 2,349 2,482 2,640
Amortization of deferred revenues and deferred credits ........................................................... (39) (36) (48)
Share-based compensation expense ........................................................................ 103 82 55
Equity in earnings from unconsolidated affiliates ............................................................... (109) (90) (51)
Net foreign currency transaction (gain) loss .................................................................. 50 (11) (62)
Dividends received .................................................................................. 104 78 94
Net loss from impairment of investments .................................................................... — — 45
Gain from sale of investments ........................................................................... (63) (6) —
Liberty transaction and related (gains) charges ................................................................. — (67) 491
Deferred income taxes ................................................................................ 328 375 441
Other .......................................................................................... 53 66 48
Change in operating assets and liabilities:
Accounts receivable ................................................................................ (524) (391) (141)
Inventories ..................................................................................... (33) (35) (12)
Prepaid expenses and other ........................................................................... (139) (4) (5)
Accounts payable and accrued liabilities ................................................................... 391 437 (215)
Unearned subscriber revenues and deferred credits ............................................................ 47 52 55
Other, net ...................................................................................... 31 (38) 89
Net cash provided by operating activities ................................................................. 5,185 5,206 4,431
Cash Flows From Investing Activities
Cash paid for property and equipment ....................................................................... (2,924) (2,303) (2,012)
Cash paid for satellites ................................................................................. (246) (113) (59)
Cash paid for Liberty transaction, net of cash acquired ............................................................ — — (97)
Investment in companies, net of cash acquired .................................................................. (11) (617) (37)
Proceeds from sale of investments .......................................................................... 116 9 —
Other, net ......................................................................................... 43 (75) 11
Net cash used in investing activities .................................................................... (3,022) (3,099) (2,194)
62