CenturyLink 2015 Annual Report Download - page 66
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General Industry Peer Group
The Committee, based on input from its compensation consultant, introduced in 2015 a secondary peer
group of 20 companies, which we refer to as our General Industry Peer Group. The Committee determined that
the General Industry Peer Group was representative of companies our size, and was a useful resource in assessing
pay decisions for our senior officers in 2015. The General Industry Peer Group serves to be another point of
comparison with increasing importance as the quantity of companies that comprise the Core Peer Group
continues to shrink due to industry consolidation.
In selecting these 20 peer companies, the Committee focused on size (revenue and market cap) parameters,
while excluding certain industries for which revenues are not an accurate indicator of size or complexity (such as
financial services and non-manufacturing retail companies). We are positioned at roughly the median of this
group in both revenues and market cap.
General Industry Peer Group for Compensation Benchmarking
Altria Group Inc. Goodyear Tire & Rubber Co.
Arrow Electronics Inc. Jabil Circuit Inc.
Bristol-Myers Squibb Co Kimberley-Clark Corp
Colgate-Palmolive Co Lear Corp
Congra Foods Inc. Nucor Corp
Cummins Inc. Southern Co
Danaher Corp Union Pacific Corp
Ebay Inc. United States Steel Corp
Freeport-McMoran Whirlpool Corp
General Mills Inc. XEROX Corp
For additional information about how we set pay levels, see “— Our Compensation Decision-Making
Process.”
Performance Benchmarking. With the aid of its compensation consultant, the Committee reviewed in 2015
the broad industry peer group that it introduced in 2013 for purposes of benchmarking our relative performance
based upon our historical three-year total shareholder return. This peer group is focused principally on
telecommunications, cable and other communications companies that are generally comparable to us in terms of
size, markets and operations. Prior to adopting the peer group for use in 2015 performance benchmarking, the
Committee revised it by removing LodgeNet Interactive Corporation, NII Holdings Inc., Time Warner Cable
Inc., TW Telecom Inc., USA Mobility, Inc. and Virgin Media Inc. and adding Frontier Communications
Corporation, Rackspace Hosting, Inc. and Spok Holdings, Inc. Thereafter, it approved the below-listed 26-
company TSR Peer Group for 2015 performance benchmarking. The Core Peer Group for compensation
benchmarking is somewhat constrained by the number of companies and revenue and market cap size. In
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