Windstream 2015 Annual Report Download - page 177

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F-47
WINDSTREAM SERVICES, LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31,
(Millions) 2015 2014 2013
Cash Provided from Operations:
Net income (loss) $ 28.6 $ (38.1) $ 241.3
Adjustments to reconcile net income (loss) to net cash provided from
operations:
Depreciation and amortization 1,366.5 1,386.4 1,341.5
Provision for doubtful accounts 47.1 54.9 63.5
Share-based compensation expense 55.3 41.8 44.9
Pension expense (income) 1.2 128.3 (115.3)
Deferred income taxes (16.3) (13.4) 134.8
Unamortized net premium on retired debt (14.8) — (38.1)
Amortization of unrealized losses on de-designated interest rate swaps 11.6 15.8 35.9
Gains from sales of data center and software businesses (326.1) — (14.4)
Plan curtailments and other, net (14.3) 6.8 (15.8)
Changes in operating assets and liabilities, net
Accounts receivable (69.5) (55.0) (46.4)
Prepaid income taxes — 1.1 (7.0)
Prepaid expenses and other 1.4 (6.0) (12.4)
Accounts payable 31.1 (13.1) (21.0)
Accrued interest (26.4) (3.1) (10.2)
Accrued taxes 17.9 (9.0) —
Other current liabilities (17.7) 8.4 (49.0)
Other liabilities (11.6) (21.5) (9.2)
Other, net (36.2) (15.6) (3.3)
Net cash provided from operations 1,027.8 1,468.7 1,519.8
Cash Flows from Investing Activities:
Additions to property, plant and equipment (1,055.3) (786.5) (841.0)
Broadband network expansion funded by stimulus grants — (13.3) (36.1)
Changes in restricted cash 6.7 3.0 16.8
Grant funds received for broadband stimulus projects 23.5 33.2 68.0
Grant funds received from Connect America Fund - Phase I — 26.0 60.7
Network expansion funded by Connect America Fund - Phase I (73.9) (12.8) —
Acquisition of a business — (22.6) —
Dispositions of data center and software businesses 574.2 — 30.0
Other, net 2.8 3.9 (6.0)
Net cash used in investing activities (522.0) (769.1) (707.6)
Cash Flows from Financing Activities:
Dividends paid to shareholders — — (444.6)
Distributions to Windstream Holdings, Inc. (416.6) (603.6) (149.4)
Payment received from CS&L in spin-off 1,035.0 — —
Funding received from CS&L for tenant capital improvements 43.1 — —
Repayments of debt and swaps (3,350.9) (1,395.4) (5,161.0)
Proceeds of debt issuance 2,335.0 1,315.0 4,919.6
Debt issuance costs (4.3) — (30.0)
Payments under long-term lease obligations (102.6) — —
Payments under capital lease obligations (31.5) (26.8) (23.9)
Other, net (9.5) (9.2) (6.7)
Net cash used in financing activities (502.3) (720.0) (896.0)
Increase (decrease) in cash and cash equivalents 3.5 (20.4) (83.8)
Cash and Cash Equivalents:
Beginning of period 27.8 48.2 132.0
End of period $ 31.3 $ 27.8 $ 48.2
Supplemental Cash Flow Disclosures:
Interest paid, net of interest capitalized $ 828.9 $ 564.4 $ 601.5
Income taxes paid (refunded), net $ 1.1 $ (8.8) $ 5.7
The accompanying notes are an integral part of these consolidated financial statements.