Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating activities:      
Net income $ 249,800 $ 252,274 $ 236,411
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss from discontinued operations 0 0 7,486
Depreciation and amortization 17,426 19,406 17,907
Amortization of program rights 581,107 617,789 611,041
Program rights payments (399,856) (456,558) (554,341)
Amortization of investment in films and television programs 212,392 141,553 126,102
Investment in films and television programs (302,468) (270,071) (197,418)
Stock compensation 34,296 20,022 7,078
Payments of long term incentive plan (3,195) (33,410) (7,696)
Deferred income taxes 8,358 (17,410) 37,023
Other non-cash items 5,727 4,533 11,014
Changes in assets and liabilities:      
Current and other assets (61,073) (12,233) (45,338)
Due to affiliates (39,519) (5,637) 89,271
Payables and other liabilities 9,900 31,819 9,433
Net cash provided by operating activities 312,895 292,077 347,973
Investing activities:      
Purchases of property and equipment (14,833) (16,214) (7,723)
Net cash used in investing activities (14,833) (16,214) (7,723)
Financing activities:      
Borrowings of debt 1,197,000 500,000 505,000
Payments of debt (721,632) (504,029) (59,170)
Debt issuance costs (2,350) (8,514) (10,191)
Distributions to Old LMC (1,200,000) (600,000) 0
Repurchases of common stock (289,864) 0 0
Distributions to Old LMC related to stock compensation 0 (4,689) 0
Minimum withholding of taxes related to stock compensation (9,836) (13,273) 0
Excess tax benefit from stock compensation 4,655 4,401 0
Contribution from noncontrolling owner of subsidiary 0 0 3,000
Settlement of derivative instruments 0 3 (2,863)
Restricted cash 0 0 8,226
Net cash provided by (used in) financing activities (1,022,027) (626,101) 444,002
Effect of exchange rate changes on cash and cash equivalents (62) 125 (17)
Net increase (decrease) in cash and cash equivalents (724,027) (350,113) 784,235
Beginning of year 749,774 1,099,887 315,652
End of year $ 25,747 $ 749,774 $ 1,099,887