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Acquisition of Level 3 (Tables)
 6 Months Ended
Jun. 30, 2018
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
As of June 30, 2018, the following is our updated assignment of the preliminary estimated aggregate consideration:
 
Adjusted November 1, 2017 Balance as of December 31, 2017
 
Purchase Price Adjustments (3)
 
Adjusted November 1, 2017 Balance as of June 30, 2018
 
(Dollars in millions)
Cash, accounts receivable and other current assets (1)
$
3,317

 
(14
)
 
3,303

Property, plant and equipment
9,311

 
113

 
9,424

Identifiable intangible assets (2)
 
 
 
 


Customer relationships
8,964

 
(476
)
 
8,488

Other
391

 
(13
)
 
378

Other noncurrent assets
782

 
184

 
966

Current liabilities, excluding current maturities of long-term debt
(1,461
)
 
(20
)
 
(1,481
)
Current maturities of long-term debt
(7
)
 
—

 
(7
)
Long-term debt
(10,888
)
 
—

 
(10,888
)
Deferred revenue and other liabilities
(1,629
)
 
(85
)
 
(1,714
)
Goodwill
10,837

 
306

 
11,143

Total estimated aggregate consideration
$
19,617

 
(5
)
 
19,612

____________________________________________________________________________________________________________                
(1) 
Includes a preliminary estimated fair value of $861 million for accounts receivable, which had a gross contractual value of $884 million on November 1, 2017. The $23 million difference between the gross contractual value and the preliminary estimated fair value assigned represents our best estimate as of November 1, 2017 of contractual cash flows that will not be collected.
(2) 
The preliminary estimate of the weighted-average amortization period for the acquired intangible assets is approximately 12.0 years.
(3) 
All purchase price adjustments occurred during the six months ended June 30, 2018.
Summary of Acquisition Related Expenses
The table below summarizes our acquisition-related expenses, which consist of integration-related expenses, including severance and retention compensation expenses, and transaction-related expenses:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
 
(Dollars in millions)
Transaction-related expenses
$
—

 
7

 
1

 
17

Integration-related expenses
162

 
11

 
232

 
11

Total acquisition-related expenses
$
162

 
18

 
233

 
28
Summary of Pro Forma Information
The following unaudited pro forma financial information presents the combined results of CenturyLink as if the Level 3 acquisition had been consummated as of January 1, 2017:
 
Three Months Ended June 30, 2017
 
Six Months Ended June 30, 2017
 
(Dollars in millions, except per share amounts)
Operating revenues
$
6,091

 
12,285

Net income
93

 
265

Basic earnings per common share
0.09

 
0.25

Diluted earnings per common share
0.09

 
0.25