Time Magazine 2013 Annual Report Download - page 75

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TIME WARNER INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
(millions)
2013 2012 2011
OPERATIONS
Net income ..................................................... $ 3,691 $ 2,922 $ 2,882
Less Discontinued operations, net of tax .............................. (137) — —
Net income from continuing operations ............................... 3,554 2,922 2,882
Adjustments for noncash and nonoperating items:
Depreciation and amortization .................................... 886 892 922
Amortization of film and television costs ........................... 7,262 7,210 7,032
Asset impairments ............................................. 140 186 44
(Gain) loss on investments and other assets, net ...................... (65) 26 136
Equity in losses of investee companies, net of cash distributions ......... 218 225 134
Equity-based compensation ...................................... 256 234 225
Deferred income taxes .......................................... 759 (150) 128
Changes in operating assets and liabilities, net of acquisitions:
Receivables ................................................... (366) (360) (613)
Inventories and film costs ....................................... (7,194) (7,566) (7,624)
Accounts payable and other liabilities .............................. (492) (66) 167
Other changes ................................................. (1,242) (77) 15
Cash provided by operations from continuing operations ................. 3,716 3,476 3,448
Cash used by operations from discontinued operations ................... (2) (34) (16)
Cash provided by operations ....................................... 3,714 3,442 3,432
INVESTING ACTIVITIES
Investments in available-for-sale securities ............................ (27) (37) (34)
Investments and acquisitions, net of cash acquired ...................... (485) (668) (365)
Capital expenditures .............................................. (602) (643) (772)
Investment proceeds from available-for-sale securities ................... 33 1 16
Other investment proceeds ......................................... 171 101 69
Cash used by investing activities .................................... (910) (1,246) (1,086)
FINANCING ACTIVITIES
Borrowings ..................................................... 1,028 1,039 3,037
Debt repayments ................................................. (762) (686) (80)
Proceeds from exercise of stock options .............................. 674 1,107 204
Excess tax benefit from equity instruments ............................ 179 83 22
Principal payments on capital leases ................................. (9) (11) (12)
Repurchases of common stock ...................................... (3,708) (3,272) (4,611)
Dividends paid .................................................. (1,074) (1,011) (997)
Other financing activities .......................................... (111) (80) (96)
Cash used by financing activities .................................... (3,783) (2,831) (2,533)
DECREASE IN CASH AND EQUIVALENTS ....................... (979) (635) (187)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD .......... 2,841 3,476 3,663
CASH AND EQUIVALENTS AT END OF PERIOD ................. $ 1,862 $ 2,841 $ 3,476
See accompanying notes.
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