Time Magazine 2011 Annual Report Download - page 73

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TIME WARNER INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
(millions)
2011 2010 2009
OPERATIONS
Net income .......................................................................... $ 2,882 $ 2,571 $ 2,512
Less Discontinued operations, net of tax ................................................... — — 428
Net income from continuing operations .................................................... 2,882 2,571 2,084
Adjustments for noncash and nonoperating items:
Depreciation and amortization ......................................................... 922 938 948
Amortization of film and television costs ................................................ 7,668 6,663 6,403
Asset impairments .................................................................. 44 20 85
(Gain) loss on investments and other assets, net ........................................... 168 (6) 49
Equity in losses of investee companies, net of cash distributions .............................. 95 38 74
Equity-based compensation ........................................................... 225 199 175
Deferred income taxes ............................................................... 135 89 346
Changes in operating assets and liabilities, net of acquisitions:
Receivables ....................................................................... (613) (645) 309
Inventories and film costs ............................................................ (8,260) (7,039) (6,760)
Accounts payable and other liabilities ................................................... 167 177 (742)
Other changes ...................................................................... 15 309 415
Cash provided by operations from continuing operations ...................................... 3,448 3,314 3,386
INVESTING ACTIVITIES
Investments in available-for-sale securities ................................................. (34) (16) (4)
Investments and acquisitions, net of cash acquired ........................................... (348) (919) (745)
Capital expenditures ................................................................... (772) (631) (547)
Investment proceeds from available-for-sale securities ........................................ 16 — 50
Proceeds from the Special Dividend paid by Time Warner Cable Inc. ............................ — — 9,253
Other investment proceeds .............................................................. 52 130 181
Cash provided (used) by investing activities from continuing operations .......................... (1,086) (1,436) 8,188
FINANCING ACTIVITIES
Borrowings .......................................................................... 3,037 5,243 3,583
Debt repayments ..................................................................... (80) (4,910) (10,050)
Proceeds from exercise of stock options ................................................... 204 121 56
Excess tax benefit on stock options ....................................................... 22 7 1
Principal payments on capital leases ...................................................... (12) (14) (18)
Repurchases of common stock ........................................................... (4,611) (2,016) (1,158)
Dividends paid ....................................................................... (997) (971) (897)
Other financing activities ............................................................... (96) (384) (57)
Cash used by financing activities from continuing operations .................................. (2,533) (2,924) (8,540)
Cash provided (used) by continuing operations .............................................. (171) (1,046) 3,034
Cash provided (used) by operations from discontinued operations ............................... (16) (24) 1,324
Cash used by investing activities from discontinued operations ................................. — — (763)
Cash used by financing activities from discontinued operations ................................. — — (5,255)
Effect of change in cash and equivalents of discontinued operations ............................. — — 5,311
Cash provided (used) by discontinued operations ............................................ (16) (24) 617
INCREASE (DECREASE) IN CASH AND EQUIVALENTS ............................... (187) (1,070) 3,651
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD .............................. 3,663 4,733 1,082
CASH AND EQUIVALENTS AT END OF PERIOD ...................................... $ 3,476 $ 3,663 $ 4,733
See accompanying notes.
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