CenturyLink 2015 Annual Report Download - page 147
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CENTURYLINK, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended December 31,
2015 2014 2013
(Dollars in millions, except per share
amounts and shares in thousands)
OPERATING REVENUES ......................................... $ 17,900 18,031 18,095
OPERATING EXPENSES
Cost of services and products (exclusive of depreciation and
amortization) .............................................. 7,778 7,846 7,507
Selling, general and administrative ............................... 3,328 3,347 3,502
Depreciation and amortization .................................. 4,189 4,428 4,541
Impairment of goodwill (Note 2) ................................ — — 1,092
Total operating expenses ................................... 15,295 15,621 16,642
OPERATING INCOME ........................................... 2,605 2,410 1,453
OTHER (EXPENSE) INCOME
Interest expense .............................................. (1,312) (1,311) (1,298)
Net gain on early retirement of debt .............................. — — 10
Other income, net ............................................ 23 11 59
Total other expense, net .................................... (1,289) (1,300) (1,229)
INCOME BEFORE INCOME TAX EXPENSE ......................... 1,316 1,110 224
Income tax expense ........................................... 438 338 463
NET INCOME (LOSS) ............................................ $ 878 772 (239)
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE
BASIC ..................................................... $ 1.58 1.36 (0.40)
DILUTED .................................................. $ 1.58 1.36 (0.40)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
BASIC ..................................................... 554,278 568,435 600,892
DILUTED .................................................. 555,093 569,739 600,892
See accompanying notes to consolidated financial statements.
B-39