Time Magazine 2009 Annual Report Download - page 59

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spending, accounts payable and accrued liabilities. The Company’s net income tax payments increased in 2008 by
$866 million primarily due to the utilization of a majority of the Company’s U.S. federal tax attribute carryforwards
in 2007, partially offset by deductible pension contributions in 2008.
Investing Activities from Continuing Operations
Details of cash provided (used) by investing activities from continuing operations are as follows (millions):
2009 2008 2007
Year Ended December 31,
(recast) (recast)
Investments in available-for-sale securities ................. $ (4) $ (19) $ (94)
Investments and acquisitions, net of cash acquired:
Repurchase of Google’s 5% interest in AOL .............. (283) — —
CME........................................... (246) — —
HBO Asia, HBO South Asia and HBO LAG .............. — (248) (28)
Imagen Acquisition................................. — (2) (229)
TT Games ....................................... — (32) (133)
All other ........................................ (216) (431) (161)
Capital expenditures .................................. (561) (684) (716)
Proceeds from the Special Dividend . . .................... 9,253 — —
Proceeds from the sale of the Parenting Group and most of the
Time4 Media magazine titles ......................... — — 220
Proceeds from the sale of the Company’s 50% interest in
Bookspan ........................................ — — 145
Proceeds from the sale of available-for-sale securities ......... 50 13 36
All other investment and sale proceeds .................... 249 131 258
Cash provided (used) by investing activities from continuing
operations........................................ $ 8,242 $ (1,272) $ (702)
Cash provided by investing activities from continuing operations was $8.242 billion in 2009 compared to cash
used by investing activities from continuing operations of $1.272 billion in 2008. The change in cash provided
(used) by investing activities from continuing operations was primarily due to the receipt of the Company’s portion
of the Special Dividend.
Cash used by investing activities from continuing operations increased to $1.272 billion in 2008 from
$702 million in 2007. The change in cash used by investing activities from continuing operations primarily
reflected the decrease in proceeds from the sales of assets and an increase in investment and acquisition
expenditures.
47
TIME WARNER INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION – (Continued)