CenturyLink 2015 Annual Report Download - page 199

(16) Labor Union Contracts
Approximately 37% of our employees are members of various bargaining units represented by the
Communications Workers of America (“CWA”) or the International Brotherhood of Electrical Workers (“IBEW”).
As of December 31, 2015, approximately three hundred, or 2%, of our employees are subject to collective
bargaining agreements that expired in 2015. We believe that relations with our employees continue to be generally
good. We are currently negotiating the terms of new agreements covering these employees. Approximately one
thousand, or 6%, of our employees are subject to collective bargaining agreements that expire in 2016.
(17) Repurchase of CenturyLink, Inc. Common Stock
In February 2014, our Board of Directors authorized a 24-month program to repurchase up to an aggregate
of $1 billion of our outstanding common stock. This 2014 stock repurchase program took effect on May 29,
2014, immediately upon the completion of our predecessor 2013 stock repurchase program. On December 7,
2015, we completed the 2014 stock repurchase program, repurchasing over the course of the program a total of
32.3 million shares in the open market at an average purchase price of $30.99 per share. During the year ended
December 31, 2015, we repurchased 27.1 million shares of our outstanding common stock in the open market.
These shares were repurchased for an aggregate market price of $800 million, or an average purchase price of
$29.56 per share. The repurchased common stock has been retired.
(18) Accumulated Other Comprehensive Loss
The table below summarizes changes in accumulated other comprehensive loss recorded on our
consolidated balance sheet by component for the year ended December 31, 2015:
Pension Plans
Post-Retirement
Benefit Plans
Foreign Currency
Translation
Adjustment
and Other Total
(Dollars in millions)
Balance at December 31, 2014 ........ $(1,720) (272) (25) (2,017)
Other comprehensive income (loss)
before reclassifications ............ (98) 80 (14) (32)
Amounts reclassified from accumulated
other comprehensive income ....... 103 12 — 115
Net current-period other comprehensive
income (loss) .................... 5 92 (14) 83
Balance at December 31, 2015 ........ $(1,715) (180) (39) (1,934)
The table below presents further information about our reclassifications out of accumulated other
comprehensive loss by component for the year ended December 31, 2015:
Year Ended December 31, 2015
Decrease (Increase)
in Net Income
Affected Line Item in Consolidated Statement of
Operations or Footnote Where Additional
Information is Presented If The Amount is not
Recognized in Net Income in Total
(Dollars in millions)
Amortization of pension & post-
retirement plans
Net actuarial loss ............ $161 See Note 7—Employee Benefits
Prior service cost ............ 24 SeeNote 7—Employee Benefits
Total before tax ............. 185
Income tax expense (benefit) . . . (70) Income tax expense
Netoftax ...................... $115
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