Windstream 2008 Annual Report Download - page 128

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CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31,
(Millions) 2008 2007 2006
Cash Provided from Operations:
Net income $ 412.7 $ 917.1 $ 545.3
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)
Loss on sale of wireless business 21.3 - -
Depreciation and amortization 494.5 507.5 449.6
Provision for doubtful accounts 38.7 28.5 18.4
Stock-based compensation expense 18.1 15.9 1.9
Pension and postretirement benefits expense 13.9 39.3 32.8
Deferred taxes 110.0 13.0 30.2
Other, net 18.1 15.6 6.8
Changes in operating assets and liabilities, net
Accounts receivable (25.1) (12.3) (40.9)
Accounts payable (27.6) (3.0) 20.5
Accrued interest (1.1) (9.1) 131.0
Accrued taxes 5.4 27.2 40.9
Other current liabilities (1.3) (48.7) 14.7
Other liabilities (13.0) (15.5) 18.2
Other, net 15.8 9.5 (24.0)
Net cash provided from operations 1,080.4 1,033.7 1,145.7
Cash Flows from Investing Activities:
Additions to property, plant and equipment (317.5) (365.7) (373.8)
Acquisition of CT Communications, net of cash acquired - (546.8) -
Cash acquired from Valor - - 69.0
Disposition of wireless business 56.7 - -
Disposition of directory publishing business - 40.0 -
Disposition of acquired assets held for sale 17.8 - -
Other, net 9.9 5.4 5.8
Net cash used in investing activities (233.1) (867.1) (299.0)
Cash Flows from Financing Activities:
Dividends paid on common shares (445.2) (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)
Stock repurchase (200.3) (40.1) -
Repayment of debt (354.3) (811.0) (871.4)
Debt issued, net of issuance costs 380.0 848.9 3,156.1
Changes in advances to Alltel prior to spin off - - (310.8)
Other, net (2.9) (2.4) 30.6
Net cash used in financing activities (622.7) (481.4) (471.8)
Increase (decrease) in cash and cash equivalents 224.6 (314.8) 374.9
Cash and Cash Equivalents:
Beginning of period 72.0 386.8 11.9
End of period $ 296.6 $ 72.0 $ 386.8
The accompanying notes are an integral part of these consolidated financial statements.
F-40