Windstream 2013 Annual Report Download - page 229
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
____
F-93
14. Supplemental Guarantor Information, Continued:
Condensed Consolidated Statement of Cash Flows
For the Year Ended December 31, 2011
(Millions) Windstream
Corp. PAETEC
Issuer Guarantors Non-
Guarantors Eliminations Consolidated
Cash Provided from Operations:
Net income (loss) $ 169.5 $ (4.7) $ (3.3) $ 483.1 $ (475.1) $ 169.5
Adjustments to reconcile net income to net
cash provided from operations:
Depreciation and amortization — — 28.8 818.7 — 847.5
Provision for doubtful accounts — — 1.4 47.1 — 48.5
Equity in (earnings) losses from subsidiaries (477.7) (1.4) 5.9 (1.9) 475.1 —
Share-based compensation expense — — 0.2 23.9 — 24.1
Pension expense — — — 166.8 — 166.8
Deferred income taxes 10.3 — (8.3) 171.8 — 173.8
Unamortized net discount on retired debt 21.2 — — — — 21.2
Amortization of unrealized losses on
de-designated interest rate swaps 49.0 — — — — 49.0
Plan curtailment and other, net 18.6 (2.2) — (19.5) — (3.1)
Changes in operating assets and liabilities, net (316.2) (13.6)(39.4) 100.7 — (268.5)
Net cash (used in) provided from
operations (525.3) (21.9)(14.7) 1,790.7 — 1,228.8
Cash Flows from Investing Activities:
Additions to property, plant and equipment — — (9.0)(693.0) — (702.0)
Broadband network expansion funded
by stimulus grants — — — (21.7) — (21.7)
Cash acquired from PAETEC — — 71.4 — — 71.4
Changes in restricted cash (11.9) — — — — (11.9)
Grant funds received for broadband
stimulus projects 4.0 — — — — 4.0
Other, net 1.8 0.6 (0.8) 6.4 — 8.0
Net cash (used in) provided from
investing activities (6.1) 0.6 61.6 (708.3) — (652.2)
Cash Flows from Financing Activities:
Dividends paid to shareholders (509.6) — — — — (509.6)
Repayment of debt and swaps (4,670.7) (99.5) — (10.1) — (4,780.3)
Proceeds of debt issuance 4,922.0 — — — — 4,922.0
Debt issuance costs (30.6) — — — — (30.6)
Intercompany transactions, net 933.3 120.8 16.6 (1,070.7) — —
Payment under capital lease obligations — — — (0.8) — (0.8)
Other, net (1.7) — — 9.1 — 7.4
Net cash provided from (used in)
financing activities 642.7 21.3 16.6 (1,072.5) — (391.9)
Increase in cash and cash equivalents 111.3 — 63.5 9.9 — 184.7
Cash and Cash Equivalents:
Beginning of period 4.1 — — 38.2 — 42.3
End of period $ 115.4 $ — $ 63.5 $ 48.1 $ — $ 227.0