Windstream 2008 Annual Report Download - page 171

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
15. Supplemental Guarantor Information, Continued:
Condensed Consolidated Statement of Cash Flows
For the Year Ended December 31, 2008
(Millions) Parent Guarantors
Non-
Guarantors Eliminations Consolidated
Cash Provided from Operations:
Net income $ 412.7 $ 222.2 $ 548.4 $ (770.6) $ 412.7
Adjustments to reconcile net income to net cash
provided from operations:
Loss on sale of wireless business - - 21.3 - 21.3
Depreciation and amortization - 169.5 325.0 - 494.5
Provision for doubtful accounts - 6.9 31.8 - 38.7
Stock-based compensation expense 8.2 0.3 9.6 - 18.1
Pension and postretirement benefits expense 0.1 1.4 12.4 - 13.9
Equity in (earnings) losses from subsidiaries (701.3) (69.4) 0.1 770.6 -
Deferred taxes (24.0) 47.9 86.1 - 110.0
Other, net 12.3 (1.2) 7.0 - 18.1
Changes in operating assets and liabilities, net 761.9 (263.9) (544.9) - (46.9)
Net cash provided from operations 469.9 113.7 496.8 - 1,080.4
Cash Flows from Investing Activities:
Additions to property, plant and equipment - (79.3) (238.2) - (317.5)
Disposition of wireless business 56.7 - - - 56.7
Disposition of acquired assets held for sale - 17.8 - - 17.8
Other, net - 3.4 6.5 - 9.9
Net cash from (used in) investing activities 56.7 (58.1) (231.7) - (233.1)
Cash Flows from Financing Activities:
Dividends paid on common shares (445.2) - - - (445.2)
Dividends received from (paid to) subsidiaries 320.3 (53.7) (266.6) - -
Stock repurchase (200.3) - - - (200.3)
Repayment of debt (344.0) (0.3) (10.0) - (354.3)
Debt issued, net of issuance costs 380.0 - - - 380.0
Other, net (1.8) (1.8) 0.7 - (2.9)
Net cash used in financing activities (291.0) (55.8) (275.9) - (622.7)
Increase (decrease) in cash and cash equivalents 235.6 (0.2) (10.8) - 224.6
Cash and Cash Equivalents:
Beginning of period 47.2 1.2 23.6 - 72.0
End of period $ 282.8 $ 1.0 $ 12.8 $ - $ 296.6
F-83