Repurchase of CenturyLink Common Stock

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Repurchase of CenturyLink Common Stock

Repurchase of CenturyLink Common Stock

In the first quarter of 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. During the nine months ended September 30, 2015, we repurchased 16.8 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 approximately $523 million, or an average purchase price of $31.08 per share. The repurchased common stock has been retired. These repurchased shares exclude shares that, as of September 30, 2015, we had agreed to purchase under this program for an aggregate of $18 million, or an average purchase price of $24.86 per share, in transactions that settled early in the fourth quarter of 2015. The $18 million in shares excluded from the repurchases is included in other current liabilities on our consolidated balance sheet as of September 30, 2015. As of September 30, 2015, we had approximately $278 million remaining available for stock repurchases under the 2014 stock repurchase program. As of November 3, 2015, we had repurchased 27.5 million shares for $866 million, or an average price of $31.52 per share, under the 2014 stock repurchase program.