Time Warner Cable 2007 Annual Report Download - page 72

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Financing Activities
Details of cash provided (used) by financing activities are as follows (in millions):
2007 2006 2005
Years Ended December 31,
Borrowings (repayments), net
(a)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,574) $ 634 $(422)
Borrowings
(b)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,387 10,300 —
Repayments
(b)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,679) (975) —
Issuance of TW NY Preferred Membership Units. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 300 —
Redemption of Comcast’s interest in TWC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (1,857) —
Excess tax benefit from exercise of stock options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 —
Principal payments on capital leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) (3) (1)
Distributions to owners, net
(c)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24) (31) (30)
Other financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (61) 71 —
Debt repayments of discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (45)
Cash provided (used) by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (950) $ 8,443 $(498)
(a)
Borrowings (repayments), net, reflects borrowings under the Company’s commercial paper program with original maturities of three
months or less, net of repayments of such borrowings. Borrowings (repayments), net, also includes $29 million and $17 million of debt
issuance costs in 2007 and 2006, respectively.
(b)
Amounts represent borrowing and repayments related to debt instruments with original maturities greater than three months.
(c)
Distributions to owners, net, represents partnership tax distributions and stock option distributions.
Cash used by financing activities was $950 million in 2007 compared to cash provided by financing activities
of $8.443 billion in 2006. Cash used by financing activities for 2007 included net repayments under the Company’s
debt obligations and payments for other financing activities, while cash provided by financing activities for 2006
included significant net borrowings primarily associated with the financing of the Transactions, the issuance of the
TW NY Preferred Membership Units in connection with the Transactions and other financing activities, net of cash
used in the TWC Redemption on July 31, 2006.
Cash provided by financing activities was $8.443 billion in 2006 compared to cash used by financing activities
of $498 million in 2005. Cash provided by financing activities in 2006 included significant net borrowings primarily
associated with the financing of the Transactions, the issuance of the TW NY Preferred Membership Units in
connection with the Transactions and other financing activities, net of cash used in the TWC Redemption on July 31,
2006. Cash used by financing activities in 2005 primarily included net repayments of outstanding borrowings under
the Company’s commercial paper program.
67
TIME WARNER CABLE INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS
OF OPERATIONS AND FINANCIAL CONDITION—(Continued)