Windstream 2013 Annual Report Download - page 166

F-30
SELECTED FINANCIAL DATA
Selected consolidated financial data for Windstream Holdings is as follows for the years ended December 31:
(Millions, except per share amounts) 2013 2012 2011 2010 2009
Revenues and sales $ 5,988.1 $ 6,139.5 $ 4,279.6 $ 3,710.7 $ 2,996.3
Operating income 1,009.0 883.9 962.9 1,033.5 1,060.6
Other (expense) income, net (12.5) 4.6 (0.1)(3.5)(1.1)
(Loss) gain on extinguishment of debt (28.5) 1.9 (136.1) — —
Interest expense (627.7)(625.1)(558.3)(521.7)(410.2)
Income from continuing operations before income taxes 340.3 265.3 268.4 508.3 649.3
Income tax expense 105.3 98.2 99.4 195.6 250.8
Income from continuing operations 235.0 167.1 169.0 312.7 398.5
Discontinued operations, including tax expense of $9.8,
$2.2, and $0, for 2013, 2012 and 2011, respectively 6.0 0.9 0.5 — —
Net income $ 241.0 $ 168.0 $ 169.5 $ 312.7 $ 398.5
Basic and diluted earnings per share:
From continuing operations $.39 $.28 $.32 $.66 $.91
From discontinued operations .01 — — — —
Net income $.40 $.28 $.32 $.66 $.91
Dividends declared per common share $1.00 $1.00 $1.00 $1.00 $1.00
Balance sheet data
Total assets $ 13,444.6 $ 13,982.0 $ 14,392.1 $ 11,303.9 $ 9,113.7
Total long-term debt and capital leases (excluding
premium and discount) $ 8,757.6 $ 8,934.4 $ 9,053.2 $ 7,365.5 $ 6,295.2
Total equity $ 840.2 $ 1,104.8 $ 1,495.3 $ 831.0 $ 225.9
Notes to Selected Financial Information:
• The selected consolidated financial data of Windstream Corp. are identical to Windstream Holdings with the exception
of certain expenses directly incurred by Windstream Holdings principally consisting of audit, legal and board of
director fees, Nasdaq listing fees, other shareholder-related costs, income taxes, common stock activity, and payables
from Windstream Corp. to Windstream Holdings. In 2013, the amount of pretax expenses directly incurred by
Windstream Holdings totaled approximately $0.5 million or $0.3 million on an after-tax basis. In addition, basic and
diluted earnings per common share and dividends declared per common share information for Windstream Corp.
would not be applicable following the Holding Company Formation.
• Explanations for significant events affecting our historical operating trends during the years 2011 through 2013 are
provided in Management’s Discussion and Analysis of Results of Operations and Financial Condition.
• Effective during the fourth quarter of 2011, we changed our method of recognizing actuarial gains and losses for
pension benefits to recognize actuarial gains and losses in our operating results in the year in which the gains and
losses occur. The effect of this change in methodology can create volatility in actuarial gains and losses recognized
based on market fluctuations which impacts pension (income) expense for the year. Pension (income) expense was
$(115.3) million, $67.4 million, $166.8 million, $54.1 million and $(23.8) million in 2013, 2012, 2011, 2010, and
2009, respectively.
• Acquisitions which affected our historical operating trends during the periods 2010 through 2012. On November 30,
2011, we acquired PAETEC. During 2010, Q-Comm, Hosted Solutions, Iowa Telecom and Nuvox were acquired on
December 2, 2010, December 1, 2010, June 1, 2010 and February 8, 2010, respectively. During 2009, Lexcom and
D&E were acquired on December 1, 2009 and November 10, 2009, respectively.