Windstream 2009 Annual Report Download - page 150

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CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31,
(Millions) 2009 2008 2007
Cash Provided from Operations:
Net income $ 334.5 $ 412.7 $ 917.1
Adjustments to reconcile net income to net cash provided from operations:
Gain on sale of publishing business - - (451.3)
Loss on sale of wireless business - 21.3 -
Depreciation and amortization 537.8 494.5 507.5
Provision for doubtful accounts 44.0 38.7 28.5
Stock-based compensation expense 17.4 18.1 15.9
Pension and postretirement benefits expense 97.1 13.9 39.3
Deferred taxes 96.8 110.0 13.0
Other, net 6.0 18.1 15.6
Changes in operating assets and liabilities, net
Accounts receivable (3.4) (25.1) (12.3)
Prepaid and other expenses (17.9) 3.1 8.1
Accounts payable 9.6 (27.6) (3.0)
Accrued interest 4.4 (1.1) (9.1)
Accrued taxes 12.6 5.4 27.2
Other current liabilities (12.4) (1.3) (48.7)
Other liabilities (15.0) (13.0) (15.5)
Other, net 9.3 12.7 1.4
Net cash provided from operations 1,120.8 1,080.4 1,033.7
Cash Flows from Investing Activities:
Additions to property, plant and equipment (298.1) (317.5) (365.7)
Acquisition of D&E, net of cash acquired (56.6) - -
Acquisition of Lexcom, net of cash acquired (138.7) - -
Acquisition of CT Communications, net of cash acquired - - (546.8)
Disposition of wireless business - 56.7 -
Disposition of directory publishing business - - 40.0
Disposition of acquired assets held for sale - 17.8 -
Other, net 0.6 9.9 5.4
Net cash used in investing activities (492.8) (233.1) (867.1)
Cash Flows from Financing Activities:
Dividends paid on common shares (437.4) (445.2) (476.8)
Stock repurchase (121.3) (200.3) (40.1)
Repayment of debt (356.6) (354.3) (811.0)
Proceeds of debt issuance, net of discount 1,083.6 380.0 848.9
Debt issue costs (33.8) - -
Other, net 3.8 (2.9) (2.4)
Net cash provided from (used in) financing activities 138.3 (622.7) (481.4)
Increase (decrease) in cash and cash equivalents 766.3 224.6 (314.8)
Cash and Cash Equivalents:
Beginning of period 296.6 72.0 386.8
End of period $ 1,062.9 $ 296.6 $ 72.0
Supplemental Cash Flow Disclosures:
Interest paid $ 395.5 $ 412.5 $ 441.2
Income taxes paid, net of refunds $ 118.7 $ 175.6 $ 205.8
The accompanying notes are an integral part of these consolidated financial statements.
F-36