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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
____
F-89
15. Supplemental Guarantor Information, Continued:
Condensed Consolidated Statement of Cash Flows
For the Year Ended December 31, 2012
(Millions) Parent
PAETEC
Issuer Guarantors
Non-
Guarantors Eliminations Consolidated
Cash Provided from Operations:
Net income (loss) $ 168.0 $ (58.2)$ (4.2) $ 468.5 $ (406.1) $ 168.0
Adjustments to reconcile net income to net
cash provided from operations:
Depreciation and amortization — — 371.6 926.0 — 1,297.6
Provision for doubtful accounts — — 11.5 47.9 — 59.4
Equity in (earnings) losses from subsidiaries (404.9) 6.7 (6.3) 0.5 404.0 —
Share-based compensation expense — — 10.9 32.3 — 43.2
Pension expense — — — 67.4 — 67.4
Deferred income taxes 55.2 27.8 34.7 (38.1) — 79.6
Unamortized net premium on retired debt — (16.2)— — —
(16.2)
Amortization of unrealized losses on de-
designated interest rate swaps 45.4 — — — — 45.4
Plan curtailment — — — (9.6)— (9.6)
Other, net 21.7 (20.5) 0.3 (18.2)—
(16.7)
Changes in operating assets and liabilities, net 275.3 (41.2)(143.1)(31.5) — 59.5
Net cash provided from (used in)
operations 160.7 (101.6) 275.4 1,445.2 (2.1) 1,777.6
Cash Flows from Investing Activities:
Additions to property, plant and equipment — — (208.5)(892.7)—
(1,101.2)
Broadband network expansion funded by
stimulus grants —— —
(105.4)—
(105.4)
Changes in restricted cash (13.2) — 8.4 — — (4.8)
Grant funds received for broadband
stimulus projects 45.7 — — — — 45.7
Disposition of wireless assets — — — 57.0 — 57.0
Disposition of energy business — — 6.1 — — 6.1
Other, net — — (1.9) 2.8 — 0.9
Net cash provided from (used in)
investing activities 32.5 — (195.9)(938.3)—
(1,101.7)
Cash Flows from Financing Activities:
Dividends paid on common shares (588.0) — — — — (588.0)
Repayment of debt and swaps (1,744.4) (300.0)—
(10.1)—
(2,054.5)
Proceeds of debt issuance 1,910.0 — — — — 1,910.0
Debt issuance costs (19.1) — — — — (19.1)
Intercompany transactions, net 189.7 401.6 (97.3)(496.1) 2.1 —
Payment under capital lease obligations — — (19.2)(0.8)—
(20.0)
Other, net 0.7 — — — — 0.7
Net cash used in financing activities (251.1) 101.6 (116.5)(507.0) 2.1 (770.9)
Decrease in cash and cash equivalents (57.9) — (37.0)(0.1)—
(95.0)
Cash and Cash Equivalents:
Beginning of period 115.4 — 63.5 48.1 — 227.0
End of period $ 57.5 $ — $ 26.5 $ 48.0 $ — $ 132.0