Time Warner Cable 2011 Annual Report Download - page 67

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TIME WARNER CABLE INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS
OF OPERATIONS AND FINANCIAL CONDITION—(Continued)
Investing Activities
Details of cash used by investing activities are as follows (in millions):
Year Ended December 31,
2011 2010 2009
Acquisitions and investments, net of cash acquired and distributions
received:
NaviSite acquisition ......................................... $ (263) $ — $ —
NewWave cable systems acquisition ............................ (259) — —
Other cable system acquisitions ................................ (38) — —
Clearwire Communications(a) .................................. — (4) (97)
The Reserve Fund’s Primary Fund(b) ............................. — 35 64
Sterling Entertainment Enterprises, LLC(c) ........................ 3 65 3
Canoe Ventures LLC(d) ....................................... (17) (21) (8)
SpectrumCo(a) .............................................. (3) (2) (29)
All other .................................................. (53) (25) (21)
Capital expenditures ............................................. (2,937) (2,930) (3,231)
Other investing activities ......................................... 37 10 12
Cash used by investing activities ................................... $ (3,530) $ (2,872) $ (3,307)
(a) Refer to Note 7 to the accompanying consolidated financial statements for details on the Company’s investments in Clearwire Communications and
SpectrumCo.
(b) 2010 and 2009 amounts reflect the receipt of the Company’s pro rata share of partial distributions made by The Reserve Fund’s Primary Fund.
(c) Amount represents distributions received from Sterling Entertainment Enterprises, LLC (doing business as SportsNet New York), an equity-method
investee.
(d) Amount represents investments in Canoe Ventures LLC, an equity-method investee. Canoe Ventures LLC is a joint venture formed by TWC and certain
other cable operators and is focused on developing a common technology platform among cable operators for the delivery of advanced advertising
products and services to be offered to programmers and advertisers.
Cash used by investing activities increased from $2.872 billion in 2010 to $3.530 billion in 2011. This increase was
principally due to the acquisitions of NaviSite and the NewWave cable systems.
Cash used by investing activities decreased from $3.307 billion in 2009 to $2.872 billion in 2010. This decrease was
principally due to a decline in capital expenditures and the change in acquisitions and investments, net.
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