Time Warner Cable 2009 Annual Report Download - page 114

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TIME WARNER CABLE INC.
SELECTED FINANCIAL INFORMATION—(Continued)
2009 2008 2007 2006 2005
December 31,
(in millions, except per share data)
Selected Balance Sheet Information:
(a)
Cash and equivalents .................................... $ 1,048 $ 5,449 $ 232 $ 51 $ 12
Total assets ........................................... 43,694 47,889 56,600 55,821 43,724
Total debt and preferred equity ............................ 22,631 18,028 13,877 14,732 6,863
Special cash dividend declared and paid per common share ....... 30.81 ————
(a)
The following items impact the comparability of results from period to period: (i) on January 1, 2007, TWC began consolidating the results of the Kansas City Pool
it received upon the distribution of the assets of TKCCP, which previously was accounted for as an equity-method investee and (ii) on July 31, 2006, a subsidiary of
TWC and Comcast completed the Adelphia/Comcast Transactions.
(b)
Total costs and expenses and Operating Income (Loss) also include restructuring costs of $81 million in 2009, $15 million in 2008 and merger-related and
restructuring costs of $23 million in 2007, $56 million in 2006 and $42 million in 2005. Total costs and expenses and Operating Income (Loss) in 2008 includes a
$14.822 billion impairment charge on cable franchise rights and a $58 million loss on the sale of cable systems.
(c)
Other income (expense), net, in 2009 includes $28 million of direct transaction costs (e.g., legal and professional fees) related to the Separation, a $21 million loss
for the change in the fair value of the Time Warner equity award reimbursement obligation, a $5 million impairment of the Company’s investment in the Primary
Reserve Fund, a $12 million gain due to a post-closing adjustment related to the 2007 sale of TWC’s 50% equity interest in the Houston Pool of TKCCP and a
$3 million gain resulting from the partial recovery of a 2008 impairment recorded on an equity-method investment. Other income (expense), net, in 2008 includes
impairment charges on equity-method investments totaling $375 million, primarily consisting of a $367 million impairment charge on the Company’s investment in
Clearwire Communications LLC, $17 million of direct transaction costs related to the Separation, and a gain of $9 million recorded on the sale of a cost-method
investment. Other income (expense), net, in 2007 includes a gain of $146 million related to the sale of TWC’s 50% equity interest in the Houston Pool of TKCCP.
Other income (expense), net, also includes earnings (losses) from equity investees of $(49) million in 2009, $16 million in 2008, $11 million in 2007, $129 million in
2006 and $43 million in 2005.
(d)
Cumulative effect of accounting change, net of tax, includes a benefit of $2 million in 2006 related to the cumulative effect of a change in accounting principle
recognized in connection with the adoption of authoritative guidance issued by the FASB regarding accounting for share-based payments.
102