Time Warner Cable 2014 Annual Report Download - page 78

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TIME WARNER CABLE INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31,
2014 2013 2012
(in millions)
OPERATING ACTIVITIES
Net income ....................................................... $ 2,031 $ 1,954 $ 2,159
Adjustments for noncash and nonoperating items:
Depreciation .................................................... 3,236 3,155 3,154
Amortization .................................................... 135 126 110
Income from equity-method investments, net of cash distributions .......... (13) — (426)
Pretax gain on sale of investment in Clearwire Corporation ............... — — (64)
Deferred income taxes ............................................ 756 363 562
Equity-based compensation expense ................................. 182 128 130
Excess tax benefit from equity-based compensation ..................... (141) (93) (81)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables ..................................................... 11 (23) (63)
Accounts payable and other liabilities ................................ 82 157 (26)
Other changes ................................................... 71 (14) 70
Cash provided by operating activities .................................. 6,350 5,753 5,525
INVESTING ACTIVITIES
Capital expenditures ................................................ (4,097) (3,198) (3,095)
Business acquisitions, net of cash acquired .............................. — (423) (1,340)
Purchases of investments ............................................ (2) (588) (207)
Return of capital from investees ....................................... — 9 1,200
Proceeds from sale, maturity and collection of investments ................. 19 726 104
Acquisition of intangible assets ....................................... (39) (40) (37)
Other investing activities ............................................ 27 38 30
Cash used by investing activities ...................................... (4,092) (3,476) (3,345)
FINANCING ACTIVITIES
Short-term borrowings, net ........................................... 507 — —
Proceeds from issuance of long-term debt ............................... — — 2,258
Repayments of long-term debt ........................................ (1,750) (1,500) (2,100)
Repayments of long-term debt assumed in acquisitions .................... — (138) (1,730)
Debt issuance costs ................................................. — — (26)
Redemption of mandatorily redeemable preferred equity ................... — (300) —
Dividends paid .................................................... (857) (758) (700)
Repurchases of common stock ........................................ (259) (2,509) (1,850)
Proceeds from exercise of stock options ................................ 226 138 140
Excess tax benefit from equity-based compensation ....................... 141 93 81
Taxes paid in cash in lieu of shares issued for equity-based compensation ...... (76) (68) (45)
Acquisition of noncontrolling interest .................................. — — (32)
Other financing activities ............................................ (8) (14) (49)
Cash used by financing activities ...................................... (2,076) (5,056) (4,053)
Increase (decrease) in cash and equivalents .............................. 182 (2,779) (1,873)
Cash and equivalents at beginning of year ............................... 525 3,304 5,177
Cash and equivalents at end of year .................................... $ 707 $ 525 $ 3,304
See accompanying notes.
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