Time Warner Cable 2009 Annual Report Download - page 71

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TIME WARNER CABLE INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
2009 2008 2007
Year Ended December 31,
(in millions)
OPERATING ACTIVITIES
Net income (loss) .............................................. $ 1,092 $ (7,963) $ 1,222
Adjustments for noncash and nonoperating items:
Depreciation and amortization ................................... 3,085 3,088 2,976
Impairment of cable franchise rights .............................. — 14,822 —
Pretax (gain) loss on asset sales . . . .............................. (12) 49 (146)
Loss from equity investments, net of cash distributions ................ 64 378 12
Deferred income taxes ........................................ 676 (4,960) 383
Equity-based compensation ..................................... 97 78 59
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables ................................................ 2 20 18
Accounts payable and other liabilities ............................. 161 48 (29)
Other changes .............................................. 14 (260) 21
Adjustments relating to discontinued operations ....................... — — 47
Cash provided by operating activities . .............................. 5,179 5,300 4,563
INVESTING ACTIVITIES
Investments and acquisitions, net of cash acquired and distributions received . . (88) (685) (60)
Capital expenditures ............................................ (3,231) (3,522) (3,433)
Proceeds from asset sales ........................................ 12 67 61
Cash used by investing activities................................... (3,307) (4,140) (3,432)
FINANCING ACTIVITIES
Borrowings (repayments), net
(a)
................................... 1,261 (206) (1,545)
Borrowings
(b)
................................................. 12,037 7,182 8,387
Repayments
(b)
................................................ (8,677) (2,817) (7,679)
Debt issuance costs ............................................ (34) (97) (29)
Payment of special cash dividend .................................. (10,856) — —
Other financing activities ........................................ (4) (5) (84)
Cash provided (used) by financing activities .......................... (6,273) 4,057 (950)
Increase (decrease) in cash and equivalents ........................... (4,401) 5,217 181
Cash and equivalents at beginning of year ............................ 5,449 232 51
Cash and equivalents at end of year . . .............................. $ 1,048 $ 5,449 $ 232
(a)
Borrowings (repayments), net, reflects borrowings under TWC’s commercial paper program with original maturities of three months or less, net of repayments of
such borrowings.
(b)
Amounts represent borrowings and repayments related to debt instruments with original maturities greater than three months.
See accompanying notes.
59