Windstream 2013 Annual Report Download - page 179

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F-43
WINDSTREAM CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31,
(Millions) 2013 2012 2011
Cash Provided from Operations:
Net income $ 241.3 $ 168.0 $ 169.5
Adjustments to reconcile net income to net cash provided from operations:
Depreciation and amortization 1,341.5 1,297.6 847.5
Provision for doubtful accounts 63.5 59.4 48.5
Share-based compensation expense 44.9 43.2 24.1
Pension (income) expense (115.3) 67.4 166.8
Deferred income taxes 134.8 79.0 173.8
Unamortized net (premium) discount on retired debt (38.1) (16.2) 21.2
Amortization of unrealized losses on de-designated interest rate swaps 35.9 45.4 49.0
Gain from sale of software business (14.4) — —
Plan curtailment and other, net (15.8) (25.7) (3.1)
Changes in operating assets and liabilities, net
Accounts receivable (46.4) (75.8) (64.3)
Income tax receivable 0.6 123.3 (124.1)
Prepaid income taxes (7.0) (7.1) 57.1
Prepaid expenses and other (13.0) (22.2) (5.6)
Accounts payable (21.0) 63.6 23.5
Accrued interest (10.2) (40.8) (99.1)
Accrued taxes — (10.9) 0.7
Other current liabilities (49.0) 36.5 (30.3)
Other liabilities (9.2) (5.8) (3.5)
Other, net (3.3) (1.3) (22.9)
Net cash provided from operations 1,519.8 1,777.6 1,228.8
Cash Flows from Investing Activities:
Additions to property, plant and equipment (841.0) (1,101.2) (702.0)
Broadband network expansion funded by stimulus grants (36.1) (105.4) (21.7)
Cash acquired from PAETEC — — 71.4
Changes in restricted cash 16.8 (4.8) (11.9)
Grant funds received for broadband stimulus projects 68.0 45.7 4.0
Grant funds received from Connect America Fund 60.7 — —
Dispositions of software and energy businesses 30.0 6.1 —
Disposition of wireless assets — 57.0 —
Other, net (6.0) 0.9 8.0
Net cash used in investing activities (707.6) (1,101.7) (652.2)
Cash Flows from Financing Activities:
Dividends paid to shareholders (444.6) (588.0) (509.6)
Distributions to Windstream Holdings, Inc. (149.4) — —
Repayment of debt and swaps (5,161.0) (2,054.5) (4,780.3)
Proceeds of debt issuance 4,919.6 1,910.0 4,922.0
Debt issuance costs (30.0) (19.1) (30.6)
Payment under capital lease obligations (23.9) (20.0) (0.8)
Other, net (6.7) 0.7 7.4
Net cash used in financing activities (896.0) (770.9) (391.9)
(Decrease) increase in cash and cash equivalents (83.8) (95.0) 184.7
Cash and Cash Equivalents:
Beginning of period 132.0 227.0 42.3
End of period $ 48.2 $ 132.0 $ 227.0
Supplemental Cash Flow Disclosures:
Interest paid $ 609.4 $ 671.5 $ 601.9
Income taxes paid (refunded), net $ 5.7 $ (100.7) $ (11.1)
The accompanying notes are an integral part of these consolidated financial statements.