Time Warner Cable 2007 Annual Report Download - page 137

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Consolidating Statement of Cash Flows
Year Ended December 31, 2007
Parent
Company
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations
TWC
Consolidated
(in millions)
OPERATING ACTIVITIES
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,123 $ 772 $ 1,602 $ (2,374) $ 1,123
Adjustments for noncash and nonoperating items:
Depreciation and amortization . . . . . . . . . . . . . . . . — 657 2,319 — 2,976
Pretax gain on sale of 50% equity interest in the
Houston Pool of TKCCP . . . . . . . . . . . . . . . . . . — — (146) — (146)
Excess (deficiency) of distributions over equity in
pretax income of consolidated subsidiaries . . . . . . (2,138) (1,290) 151 3,277 —
(Income) loss from equity investments, net of cash
distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 22 3 (22) 12
Minority interest expense, net. . . . . . . . . . . . . . . . . — 7 — 158 165
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . 317 342 342 (684) 317
Equity-based compensation expense . . . . . . . . . . . . — 59 — — 59
Changes in operating assets and liabilities, net of
acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (242) 430 (178) — 10
Adjustments relating to discontinued operations . . . . . . — 23 24 — 47
Cash provided (used) by operating activities . . . . . . . . (931) 1,022 4,117 355 4,563
INVESTING ACTIVITIES
Investments and acquisitions, net of cash acquired and
distributions received. . . . . . . . . . . . . . . . . . . . . . . (22) (6) 1 — (27)
Investment in a wireless joint venture . . . . . . . . . . . . . — — (33) — (33)
Capital expenditures from continuing operations . . . . . — (918) (2,515) — (3,433)
Proceeds from the sale of cable systems . . . . . . . . . . . — — 52 — 52
Proceeds from disposal of property, plant and
equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1 8 — 9
Cash used by investing activities . . . . . . . . . . . . . . . . (22) (923) (2,487) — (3,432)
FINANCING ACTIVITIES
Borrowings (repayments), net . . . . . . . . . . . . . . . . . . (467) — — (1,107) (1,574)
Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,387 — — — 8,387
Repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,679) — — — (7,679)
Net change in investments in and amounts due to and
from consolidated subsidiaries . . . . . . . . . . . . . . . . 841 1,077 (1,563) (355) —
Principal payments on capital leases . . . . . . . . . . . . . . — — (4) — (4)
Excess tax benefit from exercise of stock options . . . . . 5 — — — 5
Distributions to owners, net . . . . . . . . . . . . . . . . . . . . — (22) (2) — (24)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (61) — (61)
Cash provided (used) by financing activities . . . . . . . . 1,087 1,055 (1,630) (1,462) (950)
INCREASE IN CASH AND EQUIVALENTS . . . . . . 134 1,154 — (1,107) 181
CASH AND EQUIVALENTS AT BEGINNING OF
PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 2,304 — (2,304) 51
CASH AND EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 185 $ 3,458 $ — $ (3,411) $ 232
132
TIME WARNER CABLE INC.
SUPPLEMENTARY INFORMATION
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS—(Continued)