Charter 2004 Annual Report Download - page 115

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CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES 2004 FORM 10-K
Consolidated Statements of Cash Flows
Year Ended December 31,
(Dollars in millions) 2004 2003 2002
Cash Flows From Operating Activities:
Net loss $ (4,341) $ (238) $(2,514)
Adjustments to reconcile net loss to net cash flows from operating activities:
Minority interest (19) (377) (3,176)
Depreciation and amortization 1,495 1,453 1,436
Impairment of franchises 2,433 — 4,638
Option compensation expense, net 27 45
Special charges, net 85 — —
Noncash interest expense 324 414 395
Gain on derivative instruments and hedging activities, net (69) (65) 115
(Gain) loss on sale of assets (86) 53
Loss on debt to equity conversions 23 — 3
(Gain) loss on extinguishment of debt 20 (267) —
Deferred income taxes (109) (110) (460)
Cumulative effect of accounting change, net 765 — 206
Unfavorable contracts and other settlements (5) (72) —
Other, net (3) 3—
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:
Accounts receivable (7) 70 27
Prepaid expenses and other assets (2) 526
Accounts payable, accrued expenses and other (59) (69) 47
Receivables from and payables to related party, including deferred management fees —9(3)
Net cash flows from operating activities 472 765 748
Cash Flows From Investing Activities:
Purchases of property, plant and equipment (924) (854) (2,167)
Change in accrued expenses related to capital expenditures (43) (33) (55)
Proceeds from sale of systems 744 91 —
Payments for acquisitions, net of cash acquired ——(139)
Purchases of investments (17) (11) (12)
Other, net (3) (10) 10
Net cash flows from investing activities (243) (817) (2,363)
Cash Flows From Financing Activities:
Proceeds from issuance of common stock —— 2
Borrowings of long-term debt 3,148 738 4,106
Repayments of long-term debt (5,448) (1,368) (2,134)
Proceeds from issuance of long-term debt 2,882 529 —
Payments for debt issuance costs (145) (41) (40)
Purchase of pledge securities (143) — —
Net cash flows from financing activities 294 (142) 1,934
Net Increase (Decrease) in Cash and Cash Equivalents 523 (194) 319
Cash and Cash Equivalents, beginning of period 127 321 2
Cash and Cash Equivalents, end of period $ 650 $ 127 $ 321
Cash Paid for Interest $ 1,302 $ 1,111 $ 1,103
Noncash Transactions:
Debt exchanged for Charter Class A common stock $30$—$—
Issuance of debt by CCH II, LLC —1,572 —
Retirement of debt —1,866 —
Issuances of preferred stock — redeemable, as payment for acquisitions —4—
Issuance of equity as partial payments for acquisitions —2—
The accompanying notes are an integral part of these consolidated financial statements.
F-7