Windstream 2012 Annual Report Download - page 181
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
____
F-83
15. Supplemental Guarantor Information, Continued:
Debentures and notes, issued by PAETEC Holding Corporation
In connection with the acquisition of PAETEC on November 30, 2011, Windstream Corporation (the "Parent") acquired the
PAETEC 2017 Notes and PAETEC 2018 Notes ("the guaranteed notes"). Windstream Corporation and all former wholly-
owned subsidiaries of PAETEC (the "Guarantors") provide guarantees of those debentures. These guarantees are full and
unconditional, subject to certain customary release provisions, as well as joint and several. Certain Guarantors may be subject
to restrictions on their ability to distribute earnings to the Parent. The remaining subsidiaries (the "Non-Guarantors") of the
Parent are not guarantors of these guaranteed notes.
The following information presents condensed consolidated and combined statements of income for the years ended
December 31, 2012, 2011 and 2010, condensed consolidated balance sheets as of December 31, 2012 and 2011, and condensed
consolidated and combined statements of cash flows for the years ended December 31, 2012, 2011 and 2010 of the Parent, the
Guarantors and the Non-Guarantors. Investments consist of investments in net assets of subsidiaries held by the Parent and
other subsidiaries, and have been presented using the equity method of accounting.
We have made revisions to correct certain classification errors that are not material in the condensed consolidated balance sheet
as of December 31, 2011, impacting only the PAETEC Issuer and the Guarantors with applicable offsetting adjustments in
Eliminations. These revisions had no impact to the condensed consolidated statements of income or cash flows for any period.
For PAETEC Issuer, we reduced affiliates receivable, net by $336.5 million, increased current deferred income taxes asset by
$3.8 million, increased other assets by $336.5 million, increased the long-term deferred income taxes asset by $220.0 million,
increased other current liabilities by $3.8 million and increased the long-term deferred income taxes liability by $220.0 million,
with applicable offsetting adjustments made in the Eliminations column. For the Guarantors, we increased the long-term
deferred income taxes asset by $2.1 million, increased investments in consolidated subsidiaries by $5.9 million, reduced other
assets by $336.5 million, reduced affiliates payable, net by $336.5 million, increased other liabilities by $5.9 million, and
increased the long-term deferred income taxes liability by $2.1 million, with applicable offsetting adjustments made in the
Eliminations column.