Windstream 2012 Annual Report Download - page 157

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
____
F-59
6. Fair Value Measurements, Continued:
The fair value of the corporate bonds was calculated based on quoted market prices of the specific issuances in an active market
when available. The fair values of our other debt were estimated based on appropriate market interest rates being applied to this
debt. In calculating the fair market value of the Windstream Holdings of the Midwest, Inc., an appropriate market price for the
same or similar instruments in an active market is used considering credit quality, non-performance risk and maturity of the
instrument.
7. Supplemental Cash Flow Information:
We declared and accrued cash dividends of $148.9 million, $148.0 million and $126.5 million during the fourth quarters of
2012, 2011 and 2010, respectively, which were subsequently paid in January of the following year.
On November 30, 2011, we issued 70.0 million shares of our common stock and assumed stock awards for a total transaction
value of $842.0 million, based on the closing price of our stock on November 30, 2011, and the fair value of the equity awards
assumed, as part of the consideration paid to acquire PAETEC (see Note 3). Also as part of this transaction, we assumed
$1,591.3 million in long-term debt net of cash acquired, which includes a net premium of $113.9 million based on the fair value
of the debt on November 30, 2011 and bank debt of $99.5 million that was repaid on December 1, 2011.
On February 28, 2011, we contributed 4.9 million shares of our common stock to our pension plan. At the time of this
contribution, these shares had an appraised value, as determined by a third-party valuation firm, of approximately $60.6
million. On September 21, 2011, we contributed 5.9 million shares of our common stock to our pension plan to meet our
remaining 2011 and expected 2012 obligation. At the time of the contribution, these shares had an appraised value, as
determined by an unaffiliated third party valuation firm, of approximately $75.2 million.
On December 2, 2010, we issued 20.6 million shares of our common stock with a fair market value of $271.6 million as part of
the consideration paid to acquire Q-Comm (see Note 3). Also as part of this transaction, we assumed $266.2 million in long-
term debt, including related interest rate swap liabilities, which was subsequently repaid.
On June 1, 2010, we issued 26.7 million shares of our common stock with a fair market value of $280.8 million as part of the
consideration paid to acquire Iowa Telecom (see Note 3). Also as part of this transaction, we assumed $628.9 million in long-
term debt, including related interest rate swap liabilities, which was subsequently repaid.
On February 8, 2010, we issued 18.7 million shares of our common stock with a fair market value of $185.0 million as part of
the consideration paid to acquire NuVox (see Note 3). Also as part of this transaction, we assumed $281.0 million in long-term
debt and related liabilities on existing swap agreements of NuVox, which was subsequently repaid.