CenturyLink 2015 Annual Report Download - page 150

CENTURYLINK, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31,
2015 2014 2013
(Dollars in millions)
OPERATING ACTIVITIES
Net income (loss) .................................................. $ 878 772 (239)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation and amortization .................................... 4,189 4,428 4,541
Impairment of goodwill (Note 2) .................................. — — 1,092
Impairment of assets ........................................... 9 32 —
Deferred income taxes .......................................... 350 291 391
Provision for uncollectible accounts ............................... 177 159 152
Gain on sale of intangible assets .................................. — — (32)
Net long-term debt issuance costs and premium amortization ........... (3) (21) (46)
Net gain on early retirement of debt ............................... — — (10)
Share-based compensation ....................................... 73 79 71
Changes in current assets and liabilities:
Accounts receivable ........................................ (132) (163) (212)
Accounts payable .......................................... (168) 70 (76)
Accrued income and other taxes .............................. 32 (84) 28
Other current assets and liabilities, net ......................... (53) (270) 263
Retirement benefits ............................................ (141) (184) (342)
Changes in other noncurrent assets and liabilities, net ................. (78) 99 8
Other, net .................................................... 19 (20) (30)
Net cash provided by operating activities ........................... 5,152 5,188 5,559
INVESTING ACTIVITIES
Payments for property, plant and equipment and capitalized software ......... (2,872) (3,047) (3,048)
Cash paid for acquisitions ........................................... (4) (93) (160)
Proceeds from sale of property and intangible assets ...................... 31 63 80
Other, net ........................................................ (8) — (20)
Net cash used in investing activities ............................... (2,853) (3,077) (3,148)
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt ........................... 989 483 2,481
Payments of long-term debt .......................................... (966) (800) (2,010)
Net payments on credit facility and revolving line of credit ................. (315) (4) (95)
Early retirement of debt costs ........................................ (1) — (31)
Dividends paid .................................................... (1,198) (1,228) (1,301)
Net proceeds from issuance of common stock ............................ 11 50 73
Repurchase of common stock ........................................ (819) (650) (1,586)
Other, net ........................................................ (2) (2) 15
Net cash used in financing activities ............................... (2,301) (2,151) (2,454)
Net decrease in cash and cash equivalents ................................... (2) (40) (43)
Cash and cash equivalents at beginning of period ............................. 128 168 211
Cash and cash equivalents at end of period .................................. $ 126 128 168
Supplemental cash flow information:
Income taxes paid, net .............................................. $ (63) (27) (48)
Interest paid (net of capitalized interest of $52, $47 and $41) ................ $(1,310) (1,338) (1,333)
See accompanying notes to consolidated financial statements.
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