BROADWING INC

CIK:0000716133|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 283.6	$ 276.4
Costs and expenses
Cost of services and products, excluding items below	112.9	122.1
Selling, general and administrative, excluding items below	65.5	55.0
Depreciation and amortization	85.4	84.6
Restructuring and severance related charges	18.2	3.7
Transaction and integration costs	0.0	0.3
Total operating costs and expenses	282.0	265.7
Operating income	1.6	10.7
Interest expense	27.8	33.1
Other components of pension and postretirement benefit plans benefit	(0.1)	(1.4)
Other income, net	(14.2)	(7.1)
Loss from continuing operations before income taxes	(11.9)	(13.9)
Income tax (benefit) expense	(2.6)	0.5
Loss from continuing operations	(9.3)	(14.4)
Loss from discontinued operations (net of tax)	0.0	(13.9)
Net loss	$ (9.3)	$ (28.3)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (9.3)	$ (28.3)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	85.4	84.6
Provision for credit loss on receivables	2.5	3.3
Unrealized (gain) loss on interest rate swaps	(6.7)	5.8
Noncash portion of interest expense	2.4	2.1
Deferred income taxes	(2.6)	1.4
Pension and other postretirement payments in excess of expense	(2.2)	(3.9)
Loss on sale of discontinued operations	0.0	14.5
Other, net	(0.3)	(1.0)
Changes in operating assets and liabilities:
(Increase) decrease in receivables	(0.5)	3.6
Decrease in inventory, materials, supplies, prepaid expenses and other current assets	89.5	0.8
Increase (decrease) in accounts payable	30.1	(6.5)
Decrease in accrued and other current liabilities	(96.5)	(54.1)
Decrease (increase) in other noncurrent assets	1.2	(2.9)
Increase (decrease) in other noncurrent liabilities	0.3	(5.0)
Net cash provided by operating activities	93.3	14.4
Cash flows from investing activities
Capital expenditures	(120.3)	(143.2)
Other, net	1.5	0.0
Net cash used in investing activities	(118.8)	(143.2)
Cash flows from financing activities
Proceeds from issuance of long-term debt	0.0	3.9
Proceeds from borrowings on receivables facilities	43.4	0.0
Payments on receivables facilities	(29.1)	0.0
Repayment of debt	(20.8)	(48.1)
Payment of debt issuance costs	0.0	(0.3)
Net cash used in financing activities	(6.5)	(44.5)
Net decrease in cash, cash equivalents and restricted cash	(32.0)	(173.3)
Cash, cash equivalents and restricted cash at beginning of period	43.3	465.8
Cash, cash equivalents and restricted cash at end of period	11.3	292.5
Noncash investing and financing transactions:
Acquisition of property on account	$ 50.6	$ 72.0

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 9.0	$ 40.5
Receivables, less allowances of $17.9 and $16.3	83.4	85.4
Inventory, materials and supplies	120.9	107.0
Prepaid expenses	21.1	25.2
Other current assets	6.9	103.8
Total current assets	241.3	361.9
Property, plant and equipment, net	2,922.7	2,887.8
Operating lease right-of-use assets	75.2	77.3
Goodwill	530.5	530.5
Intangible assets, net	288.0	300.2
Other noncurrent assets	80.7	76.8
Total assets	4,138.4	4,234.5
Current liabilities
Current portion of long-term debt	26.9	26.6
Accounts payable	183.2	162.7
Unearned revenue and customer deposits	53.8	49.6
Accrued taxes	10.0	10.1
Accrued interest	1.8	0.8
Accrued payroll and benefits	24.1	36.7
Accrued restructuring	14.3	0.8
Other current liabilities	23.9	121.8
Total current liabilities	338.0	409.1
Long-term debt, less current portion	1,675.0	1,679.9
Operating lease liabilities	76.2	77.9
Pension and postretirement benefit obligations	91.5	92.2
Pole license agreement obligation	33.9	34.7
Deferred income tax liabilities	28.4	31.3
Other noncurrent liabilities	142.6	146.1
Total liabilities	2,385.6	2,471.2
Shareowners’ equity
Additional paid-in capital	2,316.1	2,316.1
Accumulated deficit	(598.9)	(589.6)
Accumulated other comprehensive income	35.6	36.8
Total shareowners' equity	1,752.8	1,763.3
Total liabilities and shareowners’ equity	$ 4,138.4	$ 4,234.5