Time Magazine 2009 Annual Report Download - page 75

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TIME WARNER INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
Years Ended December 31,
(millions)
2009 2008 2007
(recast) (recast)
OPERATIONS
Net income (loss) . ........................................................ $ 2,517 $(14,648) $ 4,627
Less Discontinued operations, net of tax . ......................................... 428 (9,559) 2,740
Net income (loss) from continuing operations . . . .................................... 2,089 (5,089) 1,887
Adjustments for noncash and nonoperating items:
Depreciation and amortization . .............................................. 998 1,026 932
Amortization of film and television costs ........................................ 6,623 5,891 6,076
Asset impairments ....................................................... 85 7,213 34
(Gain) loss on investments and other assets, net .................................... 49 52 (79)
Equity in losses of investee companies, net of cash distributions ......................... 68 27 49
Equity-based compensation . . . .............................................. 175 192 195
Deferred income taxes . ................................................... 341 407 1,296
Changes in operating assets and liabilities, net of acquisitions:
Receivables . . . ........................................................ 314 1,149 (925)
Inventories and film costs .................................................. (6,898) (5,766) (6,045)
Accounts payable and other liabilities . ......................................... (929) (816) 544
Other changes . ........................................................ 470 (222) (568)
Cash provided by operations from continuing operations
(a)
.............................. 3,385 4,064 3,396
INVESTING ACTIVITIES
Investments in available-for-sale securities ......................................... (4) (19) (94)
Investments and acquisitions, net of cash acquired .................................... (745) (713) (551)
Capital expenditures ....................................................... (561) (684) (716)
Investment proceeds from available-for-sale securities . . ............................... 50 13 36
Proceeds from the Special Dividend paid by Time Warner Cable Inc. . . ..................... 9,253 — —
Other investment proceeds ................................................... 249 131 623
Cash provided (used) by investing activities from continuing operations ..................... 8,242 (1,272) (702)
FINANCING ACTIVITIES
Borrowings ............................................................. 3,583 33,184 6,302
Debt repayments . ........................................................ (10,051) (34,731) (3,272)
Proceeds from exercise of stock options . ......................................... 56 134 521
Excess tax benefit on stock options ............................................. 1 3 71
Principal payments on capital leases ............................................. (20) (17) (16)
Repurchases of common stock . . .............................................. (1,158) (332) (6,231)
Dividends paid. . . ........................................................ (897) (901) (871)
Other financing activities . ................................................... (57) (4) (4)
Cash used by financing activities from continuing operations. . . .......................... (8,543) (2,664) (3,500)
Cash provided (used) by continuing operations . . .................................... 3,084 128 (806)
Cash provided by operations from discontinued operations .............................. 1,324 6,268 5,077
Cash used by investing activities from discontinued operations . .......................... (763) (5,213) (3,316)
Cash provided (used) by financing activities from discontinued operations . . . ................ (5,255) 3,983 (988)
Effect of change in cash and equivalents of discontinued operations . . . ..................... 5,311 (5,200) 79
Cash provided (used) by discontinued operations .................................... 617 (162) 852
INCREASE (DECREASE) IN CASH AND EQUIVALENTS
(b)
......................... 3,701 (34) 46
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD .......................... 1,099 1,133 1,087
CASH AND EQUIVALENTS AT END OF PERIOD ................................ $ 4,800 $ 1,099 $ 1,133
(a)
2009, 2008 and 2007 reflect $30 million, $21 million and $912 million, respectively, in payments, net of recoveries, related to securities
litigation and government investigations.
(b)
The effect of foreign currency exchange rate changes on cash flows for any period has not been significant, and, as a result, is not separately
disclosed.
See accompanying notes.
63