DIRECTV 2012 Annual Report Download - page 85

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DIRECTV
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31,
2012 2011 2010
(Dollars in Millions)
Cash Flows From Operating Activities
Net income ........................................................................................ $2,977 $ 2,636 $ 2,312
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization .......................................................................... 2,437 2,349 2,482
Amortization of deferred revenues and deferred credits ........................................................... (75) (39) (36)
Share-based compensation expense ........................................................................ 109 103 82
Equity in earnings from unconsolidated affiliates ............................................................... (131) (109) (90)
Net foreign currency transaction (gain) loss .................................................................. 34 50 (11)
Dividends received .................................................................................. 79 104 78
Gain on sale of investments ............................................................................ (122) (63) (6)
Liberty transaction and related gain ....................................................................... — — (67)
Deferred income taxes ................................................................................ (102) 353 386
Excess tax benefit from share-based compensation .............................................................. (30) (25) (11)
Other .......................................................................................... 85 53 66
Change in operating assets and liabilities:
Accounts receivable ................................................................................ (50) (524) (391)
Inventories ..................................................................................... (206) (33) (35)
Prepaid expenses and other ........................................................................... 58 (139) (4)
Accounts payable and accrued liabilities ................................................................... 370 391 437
Unearned subscriber revenues and deferred credits ............................................................ 28 47 52
Other, net ...................................................................................... 173 31 (38)
Net cash provided by operating activities ................................................................. 5,634 5,185 5,206
Cash Flows From Investing Activities
Cash paid for property and equipment ....................................................................... (2,960) (2,924) (2,303)
Cash paid for satellites ................................................................................. (389) (246) (113)
Investment in companies, net of cash acquired .................................................................. (16) (11) (617)
Proceeds from sale of investments .......................................................................... 24 116 9
Other, net ......................................................................................... (22) 43 (75)
Net cash used in investing activities .................................................................... (3,363) (3,022) (3,099)
The accompanying notes are an integral part of these Consolidated Financial Statements.
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