Time Warner Cable 2008 Annual Report Download - page 159

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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 —
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) (32) — (60)
Capital expenditures from continuing
operations . . . ...................... — (918) (2,515) — (3,433)
Proceeds from asset sales ................ — 1 60 — 61
Cash used by investing activities ........... (22) (923) (2,487) — (3,432)
FINANCING ACTIVITIES
Borrowings (repayments), net . . ........... (438) — — (1,107) (1,545)
Borrowings .......................... 8,387 — — — 8,387
Repayments . . . ...................... (7,679) — — — (7,679)
Debt issuance costs .................... (29) — — — (29)
Net change in investments in and amounts due
to and from consolidated subsidiaries. ..... 841 1,077 (1,563) (355) —
Other financing activities ................ 5 (22) (67) — (84)
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
149
TIME WARNER CABLE INC.
SUPPLEMENTARY INFORMATION
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS—(Continued)