Twenty-First Century Fox 2011 Annual Report Download - page 43

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Consolidated Statements of Cash Flows
2011 2010 2009
For the years ended June 30, (In millions)
Operating activities:
Net income (loss) $ 2,894 $ 2,644 $(3,310)
Loss on disposition of discontinued operations, net of tax 254 ——
Income (loss) from continuing operations 3,148 2,644 (3,310)
Adjustments to reconcile income (loss) from continuing operations to cash provided by operating
activities:
Depreciation and amortization 1,191 1,185 1,138
Amortization of cable distribution investments 92 84 88
Equity (earnings) losses of affiliates (462) (448) 309
Cash distributions received from affiliates 310 317 298
Impairment charges (net of tax of nil, $19 million and $1,707 million, respectively) 168 181 7,189
Other, net (18) (69) (1,256)
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets 377 (282) 194
Inventories, net (627) (110) (485)
Accounts payable and other liabilities 292 352 (1,917)
Net cash provided by operating activities 4,471 3,854 2,248
Investing activities:
Property, plant and equipment, net of acquisitions (1,171) (914) (1,101)
Acquisitions, net of cash acquired (831) (143) (809)
Investments in equity affiliates (326) (428) (403)
Other investments (322) (85) (76)
Proceeds from dispositions 403 1,257 1,762
Net cash used in investing activities (2,247) (313) (627)
Financing activities:
Borrowings 2,471 1,027 1,040
Repayment of borrowings (557) (2,080) (343)
Issuance of shares 12 24 4
Dividends paid (500) (418) (366)
Purchase of subsidiary shares from noncontrolling interests (116) — (38)
Sale of subsidiary shares to noncontrolling interests 50 ——
Other, net — 2 18
Net cash provided by (used in) financing activities 1,360 (1,445) 315
Net increase in cash and cash equivalents 3,584 2,096 1,936
Cash and cash equivalents, beginning of year 8,709 6,540 4,662
Exchange movement of opening cash balance 387 73 (58)
Cash and cash equivalents, end of year $12,680 $ 8,709 $ 6,540
The accompanying notes are an integral part of these audited consolidated financial statements.
2011 Annual Report 41