Time Warner Cable 2012 Annual Report Download - page 99
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TIME WARNER CABLE INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Changes in the carrying value of the Company’s goodwill from January 1 through December 31 are presented below
(in millions):
2012 2011
Balance at beginning of year .....................................................$ 2,247 $ 2,091
Acquisition of Insight ........................................................... 638 —
Acquisition of NaviSite ......................................................... 2 142
Acquisition of NewWave cable systems ............................................ — 10
Other ........................................................................ 2 4
Balance at end of year(a) .........................................................$ 2,889 $ 2,247
(a) There were no accumulated goodwill impairment charges as of December 31, 2012 and 2011.
Annual Impairment Analysis
As of the Company’s July 1, 2012 annual testing date and based on its qualitative assessment, the Company determined
that it was not more likely than not that its cable franchise rights and goodwill were impaired and, therefore, the Company
did not perform a quantitative assessment as part of its annual impairment testing. In making that determination, management
identified and analyzed qualitative factors, including factors that would most significantly impact a DCF valuation of the fair
values of the cable franchise rights and the fair value of the Company’s reporting units. This process included a review of the
Company’s most recent long-range projections, analysis of operating results versus the prior year, changes in market values,
changes in discount rates and changes in terminal growth rate assumptions.
8. DEBT
TWC’s debt as of December 31, 2012 and 2011 was as follows (in millions):
Outstanding Balance
as of December 31,
Maturity 2012 2011
Senior notes and debentures(a) ........................................ 2013-2042 $ 26,664 $ 26,427
Revolving credit facility ............................................. 2017 — —
Commercial paper program .......................................... 2017 — —
Capital leases ..................................................... 2013-2032 25 15
Total debt ........................................................ 26,689 26,442
Less: Current maturities ............................................. (1,518) (2,122)
Total long-term debt ................................................ $ 25,171 $ 24,320
(a) The weighted-average effective interest rate for the senior notes and debentures as of December 31, 2012 is 5.887% and includes the effects of interest
rate swaps and cross-currency swaps.
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