Time Warner Cable 2010 Annual Report Download - page 82

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TIME WARNER CABLE INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
2010 2009 2008
Year Ended December 31,
(in millions)
OPERATING ACTIVITIES
Net income (loss) ......................................... $ 1,313 $ 1,092 $ (7,963)
Adjustments for noncash and nonoperating items:
Depreciation . .......................................... 2,961 2,836 2,826
Amortization. .......................................... 168 249 262
Impairment of cable franchise rights . ......................... — — 14,822
Pretax (gain) loss on asset sales ............................. — (12) 49
Loss from equity investments, net of cash distributions . . . ......... 132 64 378
Deferred income taxes .................................... 687 676 (4,960)
Equity-based compensation . ............................... 109 97 78
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables . .......................................... (50) 2 20
Accounts payable and other liabilities ......................... (177) 161 48
Other changes .......................................... 75 14 (260)
Cash provided by operating activities . . ......................... 5,218 5,179 5,300
INVESTING ACTIVITIES
Acquisitions and investments, net of cash acquired and distributions received . . 48 (88) (685)
Capital expenditures . . . .................................... (2,930) (3,231) (3,522)
Other investing activities .................................... 10 12 67
Cash used by investing activities .............................. (2,872) (3,307) (4,140)
FINANCING ACTIVITIES
Borrowings (repayments), net
(a)
............................... (1,261) 1,261 (206)
Borrowings
(b)
............................................ 1,872 12,037 7,182
Repayments
(b)
........................................... (8) (8,677) (2,817)
Debt issuance costs ........................................ (25) (34) (97)
Proceeds from exercise of stock options ......................... 113 4 —
Dividends paid . .......................................... (576) — —
Repurchases of common stock . ............................... (472) — —
Payment of special cash dividend.............................. — (10,856) —
Other financing activities.................................... 10 (8) (5)
Cash provided (used) by financing activities . . .................... (347) (6,273) 4,057
Increase (decrease) in cash and equivalents . . . .................... 1,999 (4,401) 5,217
Cash and equivalents at beginning of period . . .................... 1,048 5,449 232
Cash and equivalents at end of period . ......................... $ 3,047 $ 1,048 $ 5,449
(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.
(b)
Amounts represent borrowings and repayments related to debt instruments with original maturities greater than three months.
See accompanying notes.
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