Time Magazine 2011 Annual Report Download - page 59

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TIME WARNER INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION – (Continued)
The decrease in Cash provided by operations from continuing operations for the year ended December 31,
2010 was related primarily to cash used by working capital, amounts paid to settle litigation and higher income
taxes paid, partially offset by an increase in Operating Income.
Investing Activities from Continuing Operations
Details of Cash provided (used) by investing activities from continuing operations are as follows (millions):
Year Ended December 31,
2011 2010 2009
Investments in available-for-sale securities .................... $ (34) $ (16) $ (4)
Investments and acquisitions, net of cash acquired:
HBOLAG ........................................... (65) (217) —
HBOCE ............................................. — (136) —
Chilevision ........................................... — (134) —
Shed Media .......................................... — (100) —
Repurchase of Google’s 5% interest in AOL ................ — — (283)
CME ................................................ (61) — (246)
All other ............................................. (222) (332) (216)
Capital expenditures ...................................... (772) (631) (547)
Proceeds from the Special Dividend (as defined below) .......... — — 9,253
All other investment and sale proceeds ....................... 68 130 231
Cash provided (used) by investing activities from continuing
operations ............................................ $ (1,086) $ (1,436) $ 8,188
The decrease in Cash used by investing activities from continuing operations for the year ended
December 31, 2011 was primarily the result of lower investments and acquisitions spending, partially offset by
higher Capital expenditures and lower investment and sale proceeds.
The change in Cash provided (used) by investing activities from continuing operations for the year ended
December 31, 2010 was primarily due to the Company’s receipt of $9.253 billion on March 12, 2009 as its
portion of the payment by TWC of a special cash dividend of $10.27 per share to all holders of TWC Class A
Common Stock and TWC Class B Common Stock as of the close of business on March 11, 2009 (the “Special
Dividend”) in connection with the separation of TWC from the Company.
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