Windstream 2007 Annual Report Download - page 165

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
15. Supplemental Guarantor Information, Continued:
(Millions)
Condensed Consolidated Statement of Cash Flows
For the Year Ended December 31, 2007
Parent Guarantors
Non-
Guarantors Eliminations Consolidated
Cash Provided from Operations:
Net income $ 917.1 $ 368.7 $ 961.5 $(1,330.2) $ 917.1
Adjustments to reconcile net income to net cash provided
from operations:
Gain on sale of publishing business - (86.3 ) (365.0) - (451.3 )
Depreciation and amortization - 169.6 337.9 - 507.5
Provision for doubtful accounts - 6.5 22.0 - 28.5
Equity in earnings (losses) from subsidiaries (1,218.4) (110.8) (1.0) 1,330.2 -
Stock-based compensation expense 0.4 1.3 14.2 - 15.9
Pension and postretirement benefits expense 0.2 7.0 32.1 - 39.3
Deferred taxes (20.7) 30.9 2.8 - 13.0
Other, net 14.7 0.1 0.8 - 15.6
Changes in operating assets and liabilities, net: 661.4 (249.7) (463.6) - (51.9)
Net cash provided from operations 354.7 137.3 541.7 - 1,033.7
Cash Flows from Investing Activities:
Additions to property, plant and equipment - (84.0 ) (281.7) - (365.7 )
Acquisition of CT Communications, net of cash acquired (546.8 ) - - - (546.8)
Disposition of publishing business 40.0 - - - 40.0
Other, net (0.1 ) 2.8 2.7 - 5.4
Net cash used in investing activities (506.9) (81.2) (279.0) - (867.1)
Cash Flows from Financing Activities:
Dividends paid on common shares (476.8) - - - (476.8)
Dividends received from (paid to) subsidiaries 307.4 (55.3) (252.1) - -
Repayment of debt (801.0) - (10.0) - (811.0)
Debt issued, net of issuance costs 849.1 (0.2) - - 848.9
Stock repurchase (40.1) - - - (40.1)
Other, net (1.6) - (0.8) - (2.4)
Net cash used in financing activities (163.0) (55.5) (262.9) - (481.4)
Increase (decrease) in cash and short-term investments (315.2) 0.6 (0.2) - (314.8)
Cash and Short-term Investments:
Beginning of the year 362.4 0.6 23.8 - 386.8
End of the year $ 47.2 $ 1.2 $ 23.6 $ - $ 72.0
F-79