Repurchase of CenturyLink Common Stock

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Repurchase of CenturyLink Common Stock

Repurchase of CenturyLink Common Stock

In February 2013, our Board of Directors authorized us to repurchase up to $2 billion of our outstanding common stock. On May 29, 2014, we completed the 2013 stock repurchase program, repurchasing over the course of the program a total of 59.5 million shares in the open market at an average purchase price of $33.63 per share. Of those aggregate amounts, we repurchased 13.7 million shares in the open market during the first half of 2014 for an aggregate market price of $433 million, or an average purchase price of $31.54 per share. All shares of common stock repurchased under our 2013 program have been retired.

In February 2014, our Board of Directors authorized a new 24-month program to repurchase up to an aggregate of $1 billion of our outstanding common stock. This new program took effect on May 29, 2014, immediately upon the completion of our predecessor 2013 stock repurchase program. During the nine months endedSeptember 30, 2014, we repurchased 2.9 million shares of our outstanding common stock in the open market under our 2014 stock repurchase program. These shares were repurchased for an aggregate market price of $109 million, or an average purchase price of $37.29 per share. The repurchased common stock has been retired. As of September 30, 2014, we had approximately $891 million remaining available for stock repurchases under the 2014 stock repurchase program.