Time Warner Cable 2006 Annual Report Download - page 132
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gain of approximately $150 million in the first quarter of 2007, as a result of the distribution of TKCCP’s assets.
Refer to Note 5 for additional information regarding the dissolution of TKCCP.
As of December 31, 2005, investments accounted for using the equity method primarily consisted of TKCCP
(50% owned, approximately 1.557 million basic video subscribers as of December 31, 2005).
As of December 31, 2004, investments accounted for using the equity method primarily included: TKCCP
(50% owned, approximately 1.519 million basic video subscribers at December 31, 2004) and Urban Cable (40%
owned, approximately 50,000 basic video subscribers as of December 31, 2004).
A summary of financial information as reported by these equity investees is presented below (the 2006
financial information includes the results of TKCCP for the seven-month period ended July 31, 2006 and the results
of the Kansas City Pool for the five-month period ended December 31, 2006, and all periods exclude the results of
Urban Cable, which was consolidated in 2005 and transferred to Comcast in the Exchange in 2006):
2006 2005 2004
Year Ended December 31,
(in millions)
Operating Results:
Total revenues........................................... $1,316 $1,470 $1,298
Operating Income ........................................ 250 198 175
Net income ............................................. 146 81 95
2006 2005
As of December 31,
(in millions)
Balance Sheet:
Current assets ................................................... $ 42 $ 146
Noncurrent assets ................................................ 1,280 2,570
Total assets .................................................... $1,322 $2,716
Current liabilities ................................................ $ 89 $ 477
Noncurrent liabilities ............................................. 7 1,723
Total liabilities .................................................. $ 96 $2,200
Total equity .................................................... $1,226 $ 516
At December 31, 2006 and 2005, the Company’s recorded investment in TKCCP was greater than its equity in
the underlying net assets of this equity method investee by approximately $140 million. This difference was
primarily due to fair value adjustments recorded in connection with the AOL-Historic TW merger. The Company’s
recorded investment for the Wireless Joint Venture approximates the Company’s equity interest in the underlying
net assets of this equity method investment.
127
TIME WARNER CABLE INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)