Windstream 2007 Annual Report Download - page 122

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CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31,
(Millions) 2007 2006 2005
Cash Provided from Operations:
Net income $ 917.1 $ 545.3 $ 374.3
Adjustments to reconcile net income to net cash provided from operations:
Gain on sale of publishing business (451.3) - -
Extraordinary item, net of income taxes - (99.7) -
Cumulative effect of accounting change, net of income taxes benefit - - 7.4
Depreciation and amortization 507.5 449.6 474.2
Provision for doubtful accounts 28.5 18.4 29.2
Stock-based compensation expense 15.9 1.9 -
Pension and postretirement benefits expense 39.3 32.8 31.8
Deferred taxes 13.0 30.2 3.1
Other, net 15.6 6.8 1.8
Changes in operating assets and liabilities, net of effects of acquisitions and
dispositions:
Accounts receivable (12.3) (40.9) (6.9)
Accounts payable (3.0) 20.5 36.3
Accrued interest (9.1) 131.0 (0.3)
Accrued taxes 27.2 40.9 39.7
Other current liabilities (49.6) (2.1) 0.8
Other liabilities (14.6) 35.0 4.1
Other, net 9.5 (24.0) (9.1)
Net cash provided from operations 1,033.7 1,145.7 986.4
Cash Flows from Investing Activities:
Additions to property, plant and equipment (365.7) (373.8) (356.9)
Acquisition of CT Communications, net of cash acquired (546.8) - -
Disposition of publishing business 40.0 - -
Cash acquired from Valor - 69.0 -
Other, net 5.4 5.8 3.3
Net cash used in investing activities (867.1) (299.0) (353.6)
Cash Flows from Financing Activities:
Dividends paid on common shares (476.8) (102.2) -
Dividends paid to Alltel pursuant to spin off - (2,275.1) -
Dividends paid to Alltel prior to spin off - (99.0) (233.6)
Repayment of debt (811.0) (871.4) (22.1)
Debt issued, net of issuance costs 848.9 3,156.1 -
Stock repurchase (40.1) - -
Changes in advances to Alltel prior to spin off - (310.8) (378.5)
Other, net (2.4) 30.6 -
Net cash used in financing activities (481.4) (471.8) (634.2)
Increase (decrease) in cash and short-term investments (314.8) 374.9 (1.4)
Cash and Short-term Investments:
Beginning of the year 386.8 11.9 13.3
End of the year $ 72.0 $ 386.8 $ 11.9
The accompanying notes are an integral part of these consolidated financial statements.
F-36