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F-38
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31,
(Millions) 2012 2011 2010
Cash Provided from Operations:
Net income $ 168.0 $ 169.5 $ 312.7
Adjustments to reconcile net income to net cash provided from operations:
Depreciation and amortization 1,297.6 847.5 693.7
Provision for doubtful accounts 59.4 48.5 48.9
Share-based compensation expense 43.2 24.1 17.0
Pension expense 67.4 166.8 54.1
Deferred income taxes 79.6 173.8 125.1
Unamortized net (premium) discount on retired debt (16.2) 21.2 —
Amortization of unrealized losses on de-designated interest rate swaps 45.4 49.0 0.6
Plan curtailment (9.6) (14.7) —
Other, net (16.7) 11.6 14.8
Pension contribution — — (41.7)
Changes in operating assets and liabilities, net
Accounts receivable (75.8) (64.3) (42.8)
Income tax receivable 123.3 (124.1) —
Prepaid income taxes (7.1) 57.1 (46.6)
Prepaid expenses and other (22.2) (5.6) 4.7
Accounts payable 63.6 23.5 (18.1)
Accrued interest (40.8) (99.1) 26.6
Accrued taxes (10.9) 0.7 (10.1)
Other current liabilities 36.5 (30.3) (1.1)
Other liabilities (5.8) (3.5) (30.3)
Other, net (1.3) (22.9) (16.2)
Net cash provided from operations 1,777.6 1,228.8 1,091.3
Cash Flows from Investing Activities:
Additions to property, plant and equipment (1,101.2) (702.0) (412.0)
Broadband network expansion funded by stimulus grants (105.4) (21.7) —
Acquisition of NuVox, net of cash acquired — — (198.4)
Acquisition of Iowa Telecom, net of cash acquired — — (253.6)
Acquisition of Hosted Solutions, net of cash acquired — — (312.8)
Acquisition of Q-Comm, net of cash acquired — — (279.1)
Cash acquired from PAETEC — 71.4 —
Changes in restricted cash (4.8) (11.9) —
Grant funds received for broadband stimulus projects 45.7 4.0 —
Disposition of wireless assets 57.0 — —
Disposition of energy business 6.1 — —
Other, net 0.9 8.0 1.6
Net cash used in investing activities (1,101.7) (652.2) (1,454.3)
Cash Flows from Financing Activities:
Dividends paid on common shares (588.0) (509.6) (464.6)
Repayment of debt and swaps (2,054.5) (4,780.3) (1,715.0)
Proceeds of debt issuance 1,910.0 4,922.0 1,562.0
Debt issuance costs (19.1) (30.6) (21.8)
Payment under capital lease obligations (20.0) (0.8) (1.0)
Other, net 0.7 7.4 (17.2)
Net cash used in financing activities (770.9) (391.9) (657.6)
(Decrease) increase in cash and cash equivalents (95.0) 184.7 (1,020.6)
Cash and Cash Equivalents:
Beginning of period 227.0 42.3 1,062.9
End of period $ 132.0 $ 227.0 $ 42.3
Supplemental Cash Flow Disclosures:
Interest paid $ 671.5 $ 601.9 $ 493.3
Income taxes (refunded) paid, net $ (100.7) $ (11.1) $ 120.6
The accompanying notes are an integral part of these consolidated financial statements.