Time Warner Cable 2007 Annual Report Download - page 138

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Consolidating Statement of Cash Flows
Year Ended December 31, 2006
Parent
Company
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations
TWC
Consolidated
(in millions)
OPERATING ACTIVITIES
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,976 $ 664 $ 1,533 $ (2,197) $ 1,976
Adjustments for noncash and nonoperating items:
Cumulative effect of accounting change, net of tax . . (2) (1) (3) 4 (2)
Depreciation and amortization . . . . . . . . . . . . . . . . — 661 1,389 — 2,050
Excess (deficiency) of distributions over equity in
pretax income of consolidated subsidiaries . . . . . . (1,710) (1,044) 165 2,589 —
(Income) loss from equity investments. . . . . . . . . . . 6 — (135) — (129)
Minority interest (income) expense . . . . . . . . . . . . . — (28) — 136 108
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . 240 93 93 (186) 240
Equity-based compensation . . . . . . . . . . . . . . . . . . — 33 — — 33
Changes in operating assets and liabilities, net of
acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (286) 468 63 — 245
Adjustments relating to discontinued operations . . . . . . (1,038) (13) (146) 271 (926)
Cash provided (used) by operating activities . . . . . . . . (814) 833 2,959 617 3,595
INVESTING ACTIVITIES
Investments and acquisitions, net of cash acquired . . . . (8,712) (1) (9,071) 8,555 (9,229)
Investment in a wireless joint venture . . . . . . . . . . . . . — — (633) — (633)
Capital expenditures from continuing operations . . . . . — (966) (1,752) — (2,718)
Capital expenditures from discontinued operations . . . . — (34) (22) — (56)
Proceeds from disposal of property, plant and
equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2 4 — 6
Other investment proceeds . . . . . . . . . . . . . . . . . . . . . — — 631 — 631
Cash used by investing activities . . . . . . . . . . . . . . . . (8,712) (999) (10,843) 8,555 (11,999)
FINANCING ACTIVITIES
Borrowings (repayments), net . . . . . . . . . . . . . . . . . . 2,065 — — (1,431) 634
Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,300 — 8,702 (8,702) 10,300
Repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (975) — — — (975)
Issuance of mandatorily redeemable preferred
membership units by a subsidiary . . . . . . . . . . . . . . — — 300 — 300
Changes in due (to) from parent and investment in
subsidiary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 1,775 (1,186) (617) —
Redemption of Comcast’s interest in TWC . . . . . . . . . (1,857) (147) — 147 (1,857)
Excess tax benefit from exercise of stock options . . . . . 4 — — — 4
Principal payments on capital leases . . . . . . . . . . . . . . — — (3) — (3)
Distributions to owners, net . . . . . . . . . . . . . . . . . . . . — (31) — — (31)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 71 — 71
Cash provided by financing activities . . . . . . . . . . . . . 9,565 1,597 7,884 (10,603) 8,443
INCREASE IN CASH AND EQUIVALENTS . . . . . . 39 1,431 — (1,431) 39
CASH AND EQUIVALENTS AT BEGINNING OF
PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 873 — (873) 12
CASH AND EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 51 $ 2,304 $ — $ (2,304) $ 51
133
TIME WARNER CABLE INC.
SUPPLEMENTARY INFORMATION
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS—(Continued)