|
Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $)
In Millions, unless otherwise specified
|
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| Operating activities |
|
|
| Net (loss) income |
$ (32) |
$ 282 |
| Income from discontinued operations (including gain from disposal), net of tax |
|
(306) |
| Net loss from continuing operations |
(32) |
(24) |
| Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities of continuing operations: |
|
|
| Depreciation and amortization |
113 |
113 |
| Equity-based compensation |
2 |
|
| Amortization of debt finance costs |
22 |
12 |
| Non-cash interest on Second Priority Secured Notes |
7 |
|
| Gain on interest rate derivative instruments |
(2) |
(1) |
| Gain on foreign exchange derivative instruments |
(5) |
(3) |
| Equity in losses of investment in Orbitz Worldwide |
1 |
1 |
| Deferred income taxes |
3 |
3 |
| FASA liability |
(7) |
(9) |
| Defined benefit pension plan funding |
(5) |
(2) |
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
(9) |
(43) |
| Other current assets |
(14) |
(10) |
| Accounts payable, accrued expenses and other current liabilities |
44 |
61 |
| Other |
13 |
(2) |
| Net cash provided by operating activities of continuing operations |
128 |
98 |
| Net cash used in operating activities of discontinued operations |
|
(12) |
| Investing activities |
|
|
| Property and equipment additions |
(32) |
(34) |
| Proceeds from sale of GTA Business, net of cash disposed of $7 million |
|
633 |
| Other |
3 |
5 |
| Net cash (used in) provided by investing activities |
(29) |
604 |
| Financing activities |
|
|
| Proceeds from new term loans |
170 |
|
| Proceeds from revolver borrowings |
25 |
|
| Repayment of term loans |
(165) |
(658) |
| Repayment of revolver borrowings |
(60) |
|
| Repayment of capital lease obligations |
(7) |
(4) |
| Repurchase of Senior Notes |
(1) |
|
| Debt finance cost |
(9) |
|
| Payments on settlement of foreign exchange derivative contracts |
(17) |
|
| Proceeds on settlement of foreign exchange derivative contracts |
1 |
12 |
| Net share settlement for equity based compensation |
(1) |
|
| Contribution from non-controlling interest shareholders |
3 |
|
| Net cash used in financing activities |
(61) |
(650) |
| Effect of changes in exchange rates on cash and cash equivalents |
|
6 |
| Net increase in cash and cash equivalents |
38 |
46 |
| Cash and cash equivalents at beginning of period |
|
242 |
| Cash and cash equivalents at end of period |
162 |
288 |
| Supplementary disclosures of cash flow information of continuing operations |
|
|
| Interest payments |
116 |
151 |
| Income tax payments, net |
4 |
9 |
| Non-cash capital lease additions |
$ 5 |
$ 15 |