Windstream 2009 Annual Report Download - page 190

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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, 2007
(Millions) 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 from subsidiaries (1,218.4) (110.8) (1.0) 1,330.2 -
Stock-based compensation expense - 1.4 14.5 - 15.9
Pension and postretirement benefits expense - 7.1 32.2 - 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 662.0 (255.6) (458.3) - (51.9)
Net cash provided from operations 354.7 131.6 547.4 - 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 directory publishing business 40.0 - - - 40.0
Other, net (0.1) 8.5 (3.0) - 5.4
Net cash used in investing activities (506.9) (75.5) (284.7) - (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) - -
Stock repurchase (40.1) - - - (40.1)
Repayment of debt (801.0) - (10.0) - (811.0)
Proceeds of debt issuance, net of discount 849.1 (0.2) - - 848.9
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 cash equivalents (315.2) 0.6 (0.2) - (314.8)
Cash and Cash Equivalents:
Beginning of period 362.4 0.6 23.8 - 386.8
End of period $ 47.2 $ 1.2 $ 23.6 $ - $ 72.0
F-76