Time Magazine 2010 Annual Report Download - page 68

Download and view the complete annual report

Please find page 68 of the 2010 Time Magazine 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 130

  • 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

TIME WARNER INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
Years Ended December 31,
(millions)
2010 2009 2008
OPERATIONS
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,571 $ 2,512 $(14,649)
Less Discontinued operations, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 428 (9,559)
Net income (loss) from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,571 2,084 (5,090)
Adjustments for noncash and nonoperating items:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 938 948 1,014
Amortization of film and television costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,663 6,403 5,826
Asset impairments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 85 7,213
(Gain) loss on investments and other assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) 49 52
Equity in losses of investee companies, net of cash distributions . . . . . . . . . . . . . . . . 38 74 21
Equity-based compensation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199 175 192
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 346 410
Changes in operating assets and liabilities, net of acquisitions:
Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (676) 317 1,151
Inventories and film costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,921) (6,671) (5,699)
Accounts payable and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 (838) (766)
Other changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295 414 (32)
Cash provided by operations from continuing operations . . . . . . . . . . . . . . . . . . . . . . . 3,314 3,386 4,292
INVESTING ACTIVITIES
Investments in available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16) (4) (19)
Investments and acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . (919) (745) (729)
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (631) (547) (682)
Investment proceeds from available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . — 50 13
Proceeds from the Special Dividend paid by Time Warner Cable Inc. . . . . . . . . . . . . . — 9,253 —
Other investment proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 181 131
Cash provided (used) by investing activities from continuing operations . . . . . . . . . . . . (1,436) 8,188 (1,286)
FINANCING ACTIVITIES
Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,243 3,583 33,192
Debt repayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,910) (10,050) (34,971)
Proceeds from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 56 134
Excess tax benefit on stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1 3
Principal payments on capital leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14) (18) (17)
Repurchases of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,016) (1,158) (332)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (971) (897) (901)
Other financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (384) (57) (3)
Cash used by financing activities from continuing operations . . . . . . . . . . . . . . . . . . . . (2,924) (8,540) (2,895)
Cash provided (used) by continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,046) 3,034 111
Cash provided (used) by operations from discontinued operations . . . . . . . . . . . . . . . . . (24) 1,324 6,268
Cash used by investing activities from discontinued operations. . . . . . . . . . . . . . . . . . . — (763) (5,213)
Cash provided (used) by financing activities from discontinued operations . . . . . . . . . . — (5,255) 3,983
Effect of change in cash and equivalents of discontinued operations . . . . . . . . . . . . . . . — 5,311 (5,200)
Cash provided (used) by discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24) 617 (162)
INCREASE (DECREASE) IN CASH AND EQUIVALENTS . . . . . . . . . . . . . . . . . . (1,070) 3,651 (51)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . 4,733 1,082 1,133
CASH AND EQUIVALENTS AT END OF PERIOD. . . . . . . . . . . . . . . . . . . . . . . . $ 3,663 $ 4,733 $ 1,082
See accompanying notes.
56