UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to

Commission File No. 001-7784

LUMEN TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Louisiana		72-0651161
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
100 CenturyLink Drive,
Monroe,	Louisiana	71203
(Address of principal executive offices)		(Zip Code)

(318) 388-9000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $1.00 per share	LUMN	New York Stock Exchange
Preferred Stock Purchase Rights	N/A	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☒	Accelerated Filer	☐	Non-accelerated Filer	☐	Smaller Reporting Company	☐
						Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐  No ☒

On August 2, 2024, there were 1,016,810,054 shares of common stock outstanding.

1

TABLE OF CONTENTS

	Special Note Regarding Forward-Looking Statements	3
Part I.	Financial Information
Item 1.	Financial Statements
	Consolidated Statements of Operations (Unaudited)	6
	Consolidated Statements of Comprehensive (Loss) Income (Unaudited)	7
	Consolidated Balance Sheets (Unaudited)	8
	Consolidated Statements of Cash Flows (Unaudited)	9
	Consolidated Statements of Stockholders' Equity (Unaudited)	10
	Notes to Consolidated Financial Statements (Unaudited)*	11
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	44
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	67
Item 4.	Controls and Procedures	67
Part II.	Other Information
Item 1.	Legal Proceedings	68
Item 1A.	Risk Factors	68
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	69
Item 6.	Exhibits	70
Signature		71
* All references to "Notes" in this quarterly report refer to these Notes to Consolidated Financial Statements.

2

Special Note Regarding Forward-Looking Statements

This report and other documents filed by us under the federal securities law include, and future oral or written statements or press releases by us and our management may include, forward-looking statements about our business, financial condition, operating results or prospects. These "forward-looking" statements are defined by, and are subject to the "safe harbor" protections under the federal securities laws. These statements include, among others:

•forecasts of our anticipated future results of operations, cash flows or financial position;

•statements concerning the anticipated impact of our completed, pending or proposed transactions, investments, product development, transformation plans, participation in government programs, Quantum Fiber buildout plans, deleveraging plans, and other initiatives, including synergies or costs associated with these initiatives;

•statements about our liquidity, profitability, profit margins, tax position, tax assets, tax rates, asset values, contingent liabilities, growth opportunities, growth rates, acquisition and divestiture opportunities, business prospects, regulatory and competitive outlook, market share, product capabilities, investment and expenditure plans, business strategies, securities repurchase plans, leverage, capital allocation plans, financing or refinancing alternatives and sources, and pricing plans; and

•other similar statements of our expectations, beliefs, future plans and strategies, anticipated developments and other matters that are not historical facts, many of which are highlighted by words such as “may,” “will,” “would,” “could,” “should,” “plans,” “believes,” “expects,” “anticipates,” “estimates,” "forecasts," “projects,” "proposes," "targets," “intends,” “likely,” “seeks,” “hopes,” or variations or similar expressions with respect to the future.

These forward-looking statements are based upon our judgment and assumptions as of the date such statements are made concerning future developments and events, many of which are beyond our control. These forward-looking statements, and the assumptions upon which they are based, (i) are not guarantees of future results, (ii) are inherently speculative and (iii) are subject to a number of risks and uncertainties. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in those statements if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect. All of our forward-looking statements are qualified in their entirety by reference below to factors that could cause our actual results to differ materially from those anticipated, estimated, projected or implied by us in those forward-looking statements. These factors include but are not limited to:

•the effects of intense competition from a wide variety of competitive providers, including decreased demand for our more mature service offerings and increased pricing pressures;

•the effects of new, emerging or competing technologies, including those that could make our products less desirable or obsolete;

•our ability to successfully and timely attain our key operating imperatives, including simplifying and consolidating our network, simplifying and automating our service support systems, attaining our Quantum Fiber buildout schedule, monetizing our excess network-related assets through leases, commercial service arrangements or similar transactions, replacing aging or obsolete plant and equipment, strengthening our relationships with customers and attaining projected cost savings;

•our ability to safeguard our network, and to avoid the adverse impact of cyber-attacks, security breaches, service outages, system failures, or similar events impacting our network or the availability and quality of our services;

•the effects of ongoing changes in the regulation of the communications industry, including the outcome of legislative, regulatory or judicial proceedings relating to content liability standards, intercarrier compensation, universal service, service standards, broadband deployment, data protection, privacy and net neutrality;

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•our ability to generate cash flows sufficient to fund our financial commitments and objectives, including our capital expenditures, operating costs, debt obligations, taxes, pension contributions and other benefits payments;

•our ability to effectively retain and hire key personnel and to successfully negotiate collective bargaining agreements on reasonable terms without work stoppages;

•our ability to successfully adjust to changes in customer demand for our products and services, including increased demand for high-speed data transmission services and artificial intelligence services;

•our ability to successfully maintain the quality and profitability of our existing product and service offerings, to introduce profitable new offerings on a timely and cost-effective basis and to transition customers from our legacy products to our newer offerings;

•our ability to successfully and timely implement our corporate strategies, including our transformation, buildout and deleveraging strategies;

•our ability to successfully and timely realize the anticipated benefits from our 2022 and 2023 divestitures, and to successfully operate and transform our remaining business;

•changes in our operating plans, corporate strategies, or capital allocation plans, whether based upon changes in our cash flows, cash requirements, financial performance, financial position, market or regulatory conditions or otherwise;

•the impact of any future material acquisitions or divestitures that we may transact;

•the negative impact of increases in the costs of our pension, healthcare, post-employment or other benefits, including those caused by changes in markets, interest rates, mortality rates, demographics or regulations;

•the potential negative impact of customer or shareholder complaints, government investigations, security breaches or service outages impacting us or our industry;

•adverse changes in our access to credit markets on acceptable terms, whether caused by changes in our financial position, lower credit ratings, unstable markets, debt covenant restrictions or otherwise;

•our ability to meet the terms and conditions of our debt obligations and covenants, including our ability to make transfers of cash in compliance therewith;

•our ability to attain the anticipated benefits of our March 22, 2024 debt transactions;

•our ability to maintain favorable relations with our security holders, key business partners, suppliers, vendors, landlords and lenders;

•our ability to timely obtain necessary hardware, software, equipment, services, governmental permits and other items on favorable terms;

•our ability to meet evolving environmental, social and governance ("ESG") expectations and benchmarks, and effectively communicate and implement our ESG strategies;

•the potential adverse effects arising out of allegations regarding the release of hazardous materials into the environment from network assets owned or operated by us or our predecessors, including any resulting governmental actions, removal costs, litigation, compliance costs, or penalties;

•our ability to collect our receivables from, or continue to do business with, financially-troubled customers;

4

•our ability to continue to use or renew intellectual property used to conduct our operations;

•any adverse developments in legal or regulatory proceedings involving us;

•changes in tax, pension, healthcare or other laws or regulations, in governmental support programs, or in general government funding levels, including those arising from governmental programs promoting broadband development;

•our ability to use our net operating loss carryforwards in the amounts projected;

•the effects of changes in accounting policies, practices or assumptions, including changes that could potentially require additional future impairment charges;

•the effects of adverse weather, terrorism, epidemics, pandemics, rioting, vandalism, societal unrest, political discord or other natural or man-made disasters or disturbances;

•the potential adverse effects if our internal controls over financial reporting have weaknesses or deficiencies, or otherwise fail to operate as intended;

•the effects of changes in interest rates or inflation;

•the effects of more general factors such as changes in exchange rates, in operating costs, in public policy, in the views of financial analysts, or in general market, labor, economic, public health or geopolitical conditions; and

•other risks referenced in the "Risk Factors" section or other portions of this report or other of our filings with the U.S. Securities and Exchange Commission (the "SEC").

Additional factors or risks that we currently deem immaterial, that are not presently known to us or that arise in the future could also cause our actual results to differ materially from our expected results. Given these uncertainties, investors are cautioned not to unduly rely upon our forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise. Furthermore, any information about our intentions contained in any of our forward-looking statements reflects our intentions as of the date of such forward-looking statement, and is based upon, among other things, our assessment of regulatory, technological, industry, competitive, economic and market conditions as of such date. We may change our intentions, strategies or plans (including our capital allocation plans) at any time and without notice, based upon any changes in such factors or otherwise.

5

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

LUMEN TECHNOLOGIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended June 30,			Six Months Ended June 30,
	2024		2023	2024	2023
	(Dollars in millions, except per share amounts, and shares in thousands)
OPERATING REVENUE	$	3,268	3,661	6,558	7,399
OPERATING EXPENSES
Cost of services and products (exclusive of depreciation and amortization)	1,653		1,740	3,305	3,557
Selling, general and administrative	742		790	1,565	1,511
(Gain) loss on sale of business	(5)		13	17	90
Depreciation and amortization	743		746	1,491	1,479
Goodwill impairment	—		8,793	—	8,793
Total operating expenses	3,133		12,082	6,378	15,430
OPERATING INCOME (LOSS)	135		(8,421)	180	(8,031)
OTHER (EXPENSE) INCOME
Interest expense	(373)		(294)	(664)	(573)
Net gain on early retirement of debt (Note 5)	3		9	278	618
Other income (expense), net	194		16	267	(24)
Total other (expense) income, net	(176)		(269)	(119)	21
(LOSS) INCOME BEFORE INCOME TAXES	(41)		(8,690)	61	(8,010)
Income tax expense	8		46	53	215
NET (LOSS) INCOME	(49)		(8,736)	8	(8,225)
BASIC AND DILUTED (LOSS) EARNINGS PER COMMON SHARE
BASIC	$	(0.05)	(8.88)	0.01	(8.37)
DILUTED	$	(0.05)	(8.88)	0.01	(8.37)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
BASIC	987,239		983,453	986,047	982,505
DILUTED	987,239		983,453	987,224	982,505

See accompanying notes to consolidated financial statements.

6

LUMEN TECHNOLOGIES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(UNAUDITED)

	Three Months Ended June 30,			Six Months Ended June 30,
	2024		2023	2024	2023
	(Dollars in millions)
NET (LOSS) INCOME	$	(49)	(8,736)	8	(8,225)
OTHER COMPREHENSIVE INCOME:
Items related to employee benefit plans:
Change in net actuarial loss, net of $(5), $(5), $(11) and $(10) tax	16		16	34	31
Change in net prior service cost, net of $1, $1, $2 and $2 tax	(2)		(2)	(5)	(5)
Foreign currency translation adjustment, net of $—, $(2), $— and $(8) tax	(1)		2	(5)	20
Other comprehensive income	13		16	24	46
COMPREHENSIVE (LOSS) INCOME	$	(36)	(8,720)	32	(8,179)

See accompanying notes to consolidated financial statements.

7

LUMEN TECHNOLOGIES, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	June 30, 2024		December 31, 2023
	(Dollars in millions and shares in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,495	2,234
Accounts receivable, less allowance of $62 and $67	1,294		1,318
Other	971		1,223
Total current assets	3,760		4,775
Property, plant and equipment, net of accumulated depreciation of $22,073 and $21,318	20,089		19,758
GOODWILL AND OTHER ASSETS
Goodwill	1,964		1,964
Other intangible assets, net	5,127		5,470
Other, net	2,003		2,051
Total goodwill and other assets	9,094		9,485
TOTAL ASSETS	$	32,943	34,018
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt	$	192	157
Accounts payable	995		1,134
Accrued expenses and other liabilities
Salaries and benefits	605		696
Income and other taxes	597		251
Current operating lease liabilities	281		268
Interest	219		168
Other	179		213
Current portion of deferred revenue	670		647
Total current liabilities	3,738		3,534
LONG-TERM DEBT	18,411		19,831
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net	3,142		3,127
Benefit plan obligations, net	2,437		2,490
Deferred revenue	2,112		1,969
Other	2,637		2,650
Total deferred credits and other liabilities	10,328		10,236
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS' EQUITY
Preferred stock—non-redeemable, $25.00 par value, authorized 2,000 and 2,000 shares, issued and outstanding 7 and 7 shares	—		—
Common stock, $1.00 par value, authorized 2,200,000 and 2,200,000 shares, issued and outstanding 1,016,190 and 1,008,486 shares	1,016		1,008
Additional paid-in capital	18,135		18,126
Accumulated other comprehensive loss	(786)		(810)
Accumulated deficit	(17,899)		(17,907)
Total stockholders' equity	466		417
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	32,943	34,018

See accompanying notes to consolidated financial statements.

8

LUMEN TECHNOLOGIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Six Months Ended June 30,
	2024		2023
	(Dollars in millions)
OPERATING ACTIVITIES
Net income (loss)	$	8	(8,225)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	1,491		1,479
Loss on sale of business	17		90
Goodwill impairment	—		8,793
Deferred income taxes	2		46
Provision for uncollectible accounts	39		47
Net gain on early retirement of debt	(278)		(618)
Debt modification costs and related fees	(75)		—
Gain on sale of investment	(205)		—
Unrealized loss on investments	2		81
Stock-based compensation	11		23
Changes in current assets and liabilities:
Accounts receivable	(15)		(36)
Accounts payable	(187)		(11)
Accrued income and other taxes	598		(1,011)
Other current assets and liabilities, net	(55)		(330)
Retirement benefits	(16)		(16)
Changes in other noncurrent assets and liabilities, net	301		132
Other, net	(25)		51
Net cash provided by operating activities	1,613		495
INVESTING ACTIVITIES
Capital expenditures	(1,466)		(1,436)
(Payments) proceeds from sale of business	(5)		3
Proceeds from sale of property, plant and equipment, and other assets	264		26
Other, net	13		2
Net cash used in investing activities	(1,194)		(1,405)
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt	1,325		—
Payments of long-term debt	(1,997)		(100)
Net (payments) proceeds on revolving line of credit	(200)		200
Dividends paid	(3)		(9)
Debt issuance and extinguishment costs and related fees	(282)		(13)
Other, net	(3)		(6)
Net cash (used in) provided by financing activities	(1,160)		72
Net decrease in cash, cash equivalents and restricted cash	(741)		(838)
Cash, cash equivalents and restricted cash at beginning of period	2,248		1,307
Cash, cash equivalents and restricted cash at end of period	$	1,507	469
Supplemental cash flow information:
Income taxes refunded (paid), net	$	582	(1,270)
Interest paid (net of capitalized interest of $79 and $45)	$	(571)	(561)
Supplemental noncash information regarding financing activities:
Cancellation of senior unsecured notes as part of exchange offers (Note 5)	$	—	(1,554)
Issuance of senior secured notes as part of exchange offers (Note 5)	$	—	924
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	1,495	411
Cash and cash equivalents and restricted cash included in Assets held for sale	—		47
Restricted cash included in Other current assets	2		—
Restricted cash included in Other, net noncurrent assets	10		11
Total	$	1,507	469

See accompanying notes to consolidated financial statements.

9

LUMEN TECHNOLOGIES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(UNAUDITED)

	Three Months Ended June 30,			Six Months Ended June 30,
	2024		2023	2024	2023
	(Dollars in millions except per share amounts)
COMMON STOCK
Balance at beginning of period	$	1,016	1,005	1,008	1,002
Issuance of common stock through incentive and benefit plans	—		3	8	6
Balance at end of period	1,016		1,008	1,016	1,008
ADDITIONAL PAID-IN CAPITAL
Balance at beginning of period	18,137		18,094	18,126	18,080
Shares withheld to satisfy tax withholdings	—		—	(1)	(4)
Stock-based compensation	(3)		9	11	23
Other	1		(3)	(1)	1
Balance at end of period	18,135		18,100	18,135	18,100
ACCUMULATED OTHER COMPREHENSIVE LOSS
Balance at beginning of period	(799)		(1,069)	(810)	(1,099)
Other comprehensive income	13		16	24	46
Balance at end of period	(786)		(1,053)	(786)	(1,053)
ACCUMULATED DEFICIT
Balance at beginning of period	(17,850)		(7,098)	(17,907)	(7,609)
Net (loss) income	(49)		(8,736)	8	(8,225)
Balance at end of period	(17,899)		(15,834)	(17,899)	(15,834)
TOTAL STOCKHOLDERS' EQUITY	$	466	2,221	466	2,221

See accompanying notes to consolidated financial statements.

10

LUMEN TECHNOLOGIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

References in the Notes to "Lumen Technologies" or "Lumen," "we," "us," the "Company," and "our" refer to Lumen Technologies, Inc. and its consolidated subsidiaries.

(1) Background

General

We are a facilities-based technology and communications company that provides a broad array of integrated products and services to our domestic and global business customers and our domestic mass markets customers. We operate one of the world’s most interconnected networks. Our platform empowers our customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access and reduce costs, which allows our customers to rapidly evolve their IT programs to address dynamic changes. Our specific products and services are detailed in Note 3—Revenue Recognition.

During 2022 and 2023, we divested components of our business, referenced herein as (i) the Europe, Middle East and Africa ("EMEA") business, divested November 1, 2023, (ii) the incumbent local exchange ("ILEC") business conducted in 20 Midwestern and Southeastern states, divested October 3, 2022 and (iii) the Latin American business, divested August 1, 2022. Refer to Note 2—Divestitures of the Latin American, ILEC and EMEA Businesses in our Annual Report on Form 10-K for the year ended December 31, 2023 for more information on these divestitures. As we determined that none of these divestitures represented a strategic shift for Lumen, they did not meet the criteria to be treated as discontinued operations and we continued to report our operating results for all three of the divested businesses in our consolidated operating results through their respective disposal dates.

Basis of Presentation

Our consolidated balance sheet as of December 31, 2023, which was derived from our audited consolidated financial statements, and our unaudited interim consolidated financial statements provided herein have been prepared in accordance with the instructions for Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). However, in our opinion, the disclosures made therein are adequate to make the information presented not misleading. We believe these consolidated financial statements include all normal recurring adjustments necessary to fairly present the results for the interim periods. The consolidated results of operations and cash flows for the first six months of the year are not necessarily indicative of the consolidated results of operations and cash flows that might be expected for the entire year. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023.

The accompanying consolidated financial statements include our accounts and the accounts of our subsidiaries in which we have a controlling interest. Intercompany amounts and transactions with our consolidated subsidiaries have been eliminated.

To simplify the overall presentation of our consolidated financial statements, we report immaterial amounts attributable to noncontrolling interests in certain of our subsidiaries as follows: (i) income attributable to noncontrolling interests in other income (expense), net, (ii) equity attributable to noncontrolling interests in additional paid-in capital and (iii) cash flows attributable to noncontrolling interests in other, net financing activities.

We reclassified certain prior period amounts to conform to the current period presentation, including the recategorization of our Business revenue by product category and sales channel in our segment reporting. See Note 3—Revenue Recognition and Note 10—Segment Information for additional information. These changes had no impact on total operating revenue, total operating expenses or net (loss) income for any period.

11

During 2023, we identified errors in our previously reported consolidated financial statements related to accounts receivable and accounts payable which resulted in revisions to certain line items on our December 31, 2022 consolidated balance sheet in prior periods. We have recorded an increase to our accumulated deficit by $63 million, reflected in our January 1, 2023 and June 30, 2023 accumulated deficit in our consolidated statements of stockholders' equity in this report. Refer to Note 1— Background and Summary of Significant Accounting Policies to the consolidated financial statements and accompanying notes in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2023 for more information.

Operating lease assets are included in Other, net under Goodwill and Other Assets on our consolidated balance sheets. Noncurrent operating lease liabilities are included in Other under Deferred Credits and Other Liabilities on our consolidated balance sheets.

There were $5 million and no book overdrafts included in Accounts payable at June 30, 2024 and December 31, 2023, respectively.

Change in Accounting Estimates

Effective January 1, 2024, we changed our method of depreciation and amortization for ILEC and certain competitive local exchange carriers ("CLEC") fixed assets from the group method of depreciation to straight line by individual asset method. Historically, we have used the group method of depreciation for the property, plant and equipment and amortization of certain intangible capitalized software assets of our ILECs and certain CLECs. Under the group method, for each subsidiary, all like kind assets were combined into common pools and depreciated under composite depreciation rates. Recent business divestitures and asset sales have significantly reduced our composite asset base. We believe the straight-line depreciation method for individual assets is preferable to the group method as it will result in a more precise estimate of depreciation expense and will result in a consistent depreciation method for all our subsidiaries. This change in the method of depreciation is considered a change in accounting estimate inseparable from a change in accounting principle and will result in changes to our depreciation and amortization expense prospectively. The change in accounting estimate had an immaterial impact to our net (loss) income and diluted (loss) earnings per share for the three and six months ended June 30, 2024.

Additionally, during the first quarter of 2024, we updated our analysis of economic lives of owned fiber network assets. As of January 1, 2024, we extended the estimated economic life and depreciation period of such assets from 25 years to 30 years to better reflect the physical life of the assets that we have experienced and absence of technological changes that would replace fiber. The change in accounting estimate decreased depreciation expense by approximately $16 million, $12 million net of tax, and $32 million, $24 million net of tax, for the three and six months ended June 30, 2024, respectively, and resulted in an increase of $0.01 and $0.02, respectively, per diluted share for the three and six months ended June 30, 2024.

Summary of Significant Accounting Policies

Refer to the significant accounting policies described in Note 1— Background and Summary of Significant Accounting Policies to the consolidated financial statements and accompanying notes in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2023.

Recently Adopted Accounting Pronouncements

Supplier Finance Programs

On January 1, 2023, we adopted Accounting Standards Update ("ASU") 2022-04, “Liabilities-Supplier Finance Program (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations” (“ASU 2022-04”). These amendments require that a company that uses a supplier finance program in connection with the purchase of goods or services disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, program activity during the period, changes from period to period and the potential magnitude of program transactions. The adoption of ASU 2022-04 did not have a material impact on our consolidated financial statements.

12

Credit Losses

On January 1, 2023, we adopted ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings (“TDR”) and Vintage Disclosures” (“ASU 2022-02”). The ASU eliminates the TDR recognition and measurement guidance, enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The adoption of ASU 2022-02 did not have a material impact on our consolidated financial statements.

Adoption of Other ASU With No Impact

On January 1, 2024, we adopted ASU 2023-01, “Leases (Topic 842): Common Control Arrangements”, and ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. The adoption of these ASUs did not have any impact on our consolidated financial statements.

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). This ASU requires public business entities to annually (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 will become effective for us in fiscal year 2025 and early adoption is permitted. As of June 30, 2024, we had not early adopted this ASU and are currently evaluating its impact on our consolidated financial statements, including our annual disclosure within our Income Taxes note.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). This ASU is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. This ASU will become effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. As of June 30, 2024, we had not early adopted this ASU and are currently evaluating its impact on our consolidated financial statements, including on the accompanying annual disclosure within our Segment Information note.

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(2) Goodwill, Customer Relationships and Other Intangible Assets

Goodwill, customer relationships and other intangible assets consisted of the following:

	June 30, 2024		December 31, 2023
	(Dollars in millions)
Goodwill	$	1,964	1,964
Indefinite-lived intangible assets	$	9	9
Other intangible assets subject to amortization:
Customer relationships, less accumulated amortization of $4,201 and $4,248(1)	3,501		3,811
Capitalized software, less accumulated amortization of $4,017 and $4,045(1)	1,538		1,564
Trade names, patents and other, less accumulated amortization of $79 and $72	79		86
Total other intangible assets, net	$	5,127	5,470

______________________________________________________________________

(1)    Certain customer relationships with a gross carrying value of $352 million and capitalized software with a gross carrying value of $153 million became fully amortized during 2023 and were retired during the first quarter of 2024.

As of June 30, 2024, the gross carrying amount of goodwill, customer relationships, indefinite-lived and other intangible assets was $15.4 billion.

Our goodwill was derived from numerous acquisitions where the purchase price exceeded the fair value of the net assets acquired. We report our results within two segments: Business and Mass Markets. See Note 10—Segment Information for more information on these segments. We assigned no goodwill to our Business segment as of June 30, 2024 and December 31, 2023. We assigned approximately $2.0 billion of goodwill to our Mass Markets segment as of both June 30, 2024 and December 31, 2023. Total goodwill as of both June 30, 2024 and December 31, 2023 was net of accumulated impairment losses of $21.7 billion.

We are required to assess our goodwill and other indefinite-lived intangible assets for impairment annually, or, under certain circumstances, more frequently, such as when events or changes in circumstances indicate there may be impairment. We are required to write down the value of goodwill only when our assessment determines the carrying value of equity of any of our reporting units exceeds its fair value. Our annual impairment assessment date for goodwill is October 31, at which date we assess our reporting units. Our annual impairment assessment date for indefinite-lived intangible assets other than goodwill is December 31.

As of June 30, 2024, we had three reporting units, which are (i) Mass Markets, (ii) North American Business ("NA Business") and (iii) Asia Pacific region ("APAC"). Our reporting units are not discrete legal entities with discrete full financial statements. Our assets and liabilities are employed in and relate to the operations of multiple reporting units. When we assess goodwill for impairment, we compare the estimated fair value of each reporting unit's equity to the carrying value of equity that we assign to the reporting unit. If the estimated fair value of the reporting unit is greater than the carrying value, we conclude that no impairment exists. If the estimated fair value of the reporting unit is less than the carrying value, we record a non-cash impairment charge equal to the excess amount. Depending on the facts and circumstances, we typically estimate the fair value of our reporting units by considering either or both of (i) a discounted cash flow method, which is based on the present value of projected cash flows over a discrete projection period and a terminal value, which is based on the expected normalized cash flows of the reporting units following the discrete projection period, and (ii) a market approach, which includes the use of market multiples of publicly-traded companies whose services are comparable to ours.

14

Second Quarter 2023 Goodwill Impairment Analysis

During the second quarter of 2023, we determined circumstances existed indicating it was more likely than not that the carrying value of our reporting units exceeded their fair value. Given the continued erosion in our market capitalization at the time, we determined our quantitative impairment analysis would accurately estimate the fair value of our reporting units using only the market approach. Applying this approach, we utilized company comparisons and analyst reports within our industry which supported a range of fair values derived from annualized revenue and Earnings Before Interest, Tax, Depreciation and Amortization ("EBITDA") multiples between 1.5x and 4.3x and 4.6x and 10.5x, respectively. In determining the fair value of each reporting unit, we used revenue and EBITDA multiples below these comparable market multiples. The estimated fair values of the reporting units determined in connection with our impairment analysis in the second quarter of 2023 resulted in no control premium, which we determined to be reasonable based on our market capitalization relative to recent transactions. For the three months ended June 30, 2023, based on our assessments performed with respect to the reporting units as described above, we concluded the estimated fair value of certain of our reporting units was less than their carrying value of equity. As a result, we recorded a non-cash, non-tax-deductible goodwill impairment charge of $8.8 billion for the three months ended June 30, 2023.

The market approach that we used in the quarter ended June 30, 2023 incorporated estimates and assumptions related to the forecasted results for the remainder of the year, including revenues, expenses, and the achievement of certain strategic initiatives. In developing the market multiples applicable for each reporting unit, we considered observed trends of our industry peers. Our assessment included many factors that required significant judgment. Alternative interpretations of these factors could have resulted in different conclusions regarding the size of our impairments.

Total amortization expense for finite-lived intangible assets for the three months ended June 30, 2024 and 2023 totaled $277 million and $263 million, respectively, and for the six months ended June 30, 2024 and 2023 totaled $549 million and $523 million, respectively.

We estimate that future total amortization expense for finite-lived intangible assets will be as follows:

	(Dollars in millions)
2024 (remaining six months)	$	479
2025	900
2026	847
2027	759
2028	688
2029 and thereafter	1,445

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(3) Revenue Recognition

Product and Service Categories

We categorize our products and services revenue among the following categories for the Business segment:

•Grow, which includes existing and emerging products and services in which we are significantly investing, including our dark fiber, Edge Cloud services, IP, managed security, software-defined wide area networks ("SD WAN"), Unified Communications and Collaboration ("UC&C") and wavelengths services;

•Nurture, which includes our more mature offerings, including ethernet and VPN data networks services;

•Harvest, which includes our legacy services managed for cash flow, including Time Division Multiplexing ("TDM") voice, and private line services; and

•Other, which includes equipment sales, managed and professional service solutions and other services.

We categorize our products and services revenue among the following categories for the Mass Markets segment:

•Fiber Broadband, under which we provide high speed broadband services to residential and small business customers utilizing our fiber-based network infrastructure;

•Other Broadband, under which we provide primarily lower speed broadband services to residential and small business customers utilizing our copper-based network infrastructure; and

•Voice and Other, under which we derive revenues from (i) providing local and long-distance voice services, professional services, and other ancillary services, and (ii) federal broadband and state support programs.

Reconciliation of Total Revenue to Revenue from Contracts with Customers

The following tables provide total revenue by segment, sales channel and product category. They also provide the amount of revenue that is not subject to ASC 606, "Revenue from Contracts with Customers" ("ASC 606"), but is instead governed by other accounting standards. The amounts in the tables below include revenue for the EMEA business prior to its sales on November 1, 2023. See Note 2—Divestitures of the Latin American, ILEC and EMEA Businesses in our Annual Report on Form 10-K for the year ended December 31, 2023 for additional information on these divestitures.

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	Three Months Ended June 30, 2024				Three Months Ended June 30, 2023
	Total Revenue		Adjustments for Non-ASC 606 revenue (1)	Total revenue from Contracts with Customers	Total Revenue	Adjustments for Non-ASC 606 revenue (1)	Total revenue from Contracts with Customers
	(Dollars in millions)
Business Segment by Sales Channel and Product Category
Large Enterprise
Grow	$	424	(61)	363	428	(47)	381
Nurture	258		—	258	293	—	293
Harvest	112		—	112	133	—	133
Other	43		—	43	45	(1)	44
Total Large Enterprise Revenue	837		(61)	776	899	(48)	851
Mid-Market Enterprise
Grow	210		(7)	203	203	(8)	195
Nurture	178		—	178	210	—	210
Harvest	82		(1)	81	92	(1)	91
Other	8		—	8	9	(1)	8
Total Mid-Market Enterprise Revenue	478		(8)	470	514	(10)	504
Public Sector
Grow	127		(20)	107	119	(19)	100
Nurture	88		—	88	93	—	93
Harvest	92		(1)	91	95	—	95
Other	141		—	141	108	—	108
Total Public Sector Revenue	448		(21)	427	415	(19)	396
Wholesale
Grow	264		(76)	188	265	(62)	203
Nurture	187		(7)	180	206	(8)	198
Harvest	271		(37)	234	330	(43)	287
Other	1		—	1	2	—	2
Total Wholesale Revenue	723		(120)	603	803	(113)	690
International and Other
Grow	38		(1)	37	129	(31)	98
Nurture	40		—	40	72	—	72
Harvest	9		—	9	41	—	41
Other	4		—	4	35	—	35
Total International and Other	91		(1)	90	277	(31)	246
Business Segment by Product Category
Grow	1,063		(165)	898	1,144	(167)	977
Nurture	751		(7)	744	874	(8)	866
Harvest	566		(39)	527	691	(44)	647
Other	197		—	197	199	(2)	197
Total Business Segment Revenue	2,577		(211)	2,366	2,908	(221)	2,687
Mass Markets Segment by Product Category
Fiber Broadband	181		(3)	178	158	(4)	154
Other Broadband	298		(27)	271	355	(32)	323
Voice and Other	212		(9)	203	240	(9)	231
Total Mass Markets Revenue	691		(39)	652	753	(45)	708
Total Revenue	$	3,268	(250)	3,018	3,661	(266)	3,395

17

	Six Months Ended June 30, 2024				Six Months Ended June 30, 2023
	Total Revenue		Adjustments for Non-ASC 606 revenue (1)	Total revenue from Contracts with Customers	Total Revenue	Adjustments for Non-ASC 606 revenue (1)	Total revenue from Contracts with Customers
	(Dollars in millions)
Business Segment by Sales Channel and Product Category
Large Enterprise
Grow	$	851	(110)	741	849	(97)	752
Nurture	526		—	526	593	—	593
Harvest	231		—	231	272	—	272
Other	87		(1)	86	96	(2)	94
Total Large Enterprise Revenue	1,695		(111)	1,584	1,810	(99)	1,711
Mid-Market Enterprise
Grow	417		(13)	404	400	(15)	385
Nurture	366		—	366	429	—	429
Harvest	165		(2)	163	190	(2)	188
Other	16		(1)	15	18	(3)	15
Total Mid-Market Enterprise Revenue	964		(16)	948	1,037	(20)	1,017
Public Sector
Grow	252		(41)	211	236	(38)	198
Nurture	175		—	175	200	—	200
Harvest	186		(2)	184	194	—	194
Other	255		—	255	217	—	217
Total Public Sector Revenue	868		(43)	825	847	(38)	809
Wholesale
Grow	524		(138)	386	536	(133)	403
Nurture	379		(14)	365	421	(14)	407
Harvest	546		(75)	471	662	(87)	575
Other	4		—	4	7	—	7
Total Wholesale Revenue	1,453		(227)	1,226	1,626	(234)	1,392
International and Other
Grow	78		(2)	76	257	(60)	197
Nurture	82		—	82	144	—	144
Harvest	20		—	20	79	—	79
Other	8		—	8	76	—	76
Total International and Other	188		(2)	186	556	(60)	496
Business Segment by Product Category
Grow	2,122		(304)	1,818	2,278	(343)	1,935
Nurture	1,528		(14)	1,514	1,787	(14)	1,773
Harvest	1,148		(79)	1,069	1,397	(89)	1,308
Other	370		(2)	368	414	(5)	409
Total Business Segment Revenue	5,168		(399)	4,769	5,876	(451)	5,425
Mass Markets Segment by Product Category
Fiber Broadband	351		(7)	344	310	(8)	302
Other Broadband	613		(55)	558	724	(65)	659
Voice and Other	426		(18)	408	489	(18)	471
Total Mass Markets Revenue	1,390		(80)	1,310	1,523	(91)	1,432
Total Revenue	$	6,558	(479)	6,079	7,399	(542)	6,857

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_____________________________________________________________________

(1)Includes regulatory revenue and lease revenue not within the scope of ASC 606.

Operating Lease Revenue

Lumen Technologies leases various dark fiber (including conduit), office facilities, colocation facilities, switching facilities, other network sites and service equipment to third parties under operating leases. Lease and sublease revenue are included in Operating Revenue in our consolidated statements of operations.

For the three months ended June 30, 2024 and 2023, our gross rental revenue was $240 million and $257 million, respectively, which represented approximately 7% of our operating revenue for both the three months ended June 30, 2024 and 2023. For the six months ended June 30, 2024 and 2023, our gross rental revenue was $461 million and $526 million, respectively, which represented approximately 7% of our operating revenue for both the six months ended June 30, 2024 and 2023.

Customer Receivables and Contract Balances

The following table provides balances of customer receivables, contract assets and contract liabilities, net of amounts classified as held for sale, as of June 30, 2024 and December 31, 2023:

	June 30, 2024		December 31, 2023
	(Dollars in millions)
Customer receivables(1)	$	1,263	1,256
Contract assets	23		29
Contract liabilities	701		698

______________________________________________________________________

(1)Reflects gross customer receivables of $1.3 billion, net of allowance for credit losses of $55 million and $60 million, at June 30, 2024 and December 31, 2023, respectively.

Contract liabilities are consideration we have received from our customers or billed in advance of providing goods or services promised in the future. We defer recognizing this consideration as revenue until we have satisfied the related performance obligation to the customer. Contract liabilities include recurring services billed one month in advance and installation and maintenance charges that are deferred and recognized over the actual or expected contract term, which typically ranges from one to five years depending on the service. Contract liabilities are included within Deferred revenue on our consolidated balance sheets. During the three and six months ended June 30, 2024, we recognized $43 million and $343 million, respectively, of revenue that was included in contract liabilities of $698 million as of January 1, 2024. During the three and six months ended June 30, 2023, we recognized $42 million and $347 million, respectively, of revenue that was included in contract liabilities of $715 million as of January 1, 2023, including contract liabilities that were classified as held for sale.

Performance Obligations

As of June 30, 2024, we expect to recognize approximately $6.8 billion of revenue in the future related to performance obligations associated with existing customer contracts that are partially or wholly unsatisfied. As of June 30, 2024, the transaction price related to unsatisfied performance obligations that are expected to be recognized for the remainder of 2024, 2025 and thereafter was $1.7 billion, $2.3 billion and $2.8 billion, respectively.

These amounts exclude (i) the value of unsatisfied performance obligations for contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed (for example, uncommitted usage or non-recurring charges associated with professional or technical services to be completed) and (ii) contracts that are classified as leasing arrangements or government assistance that are not subject to ASC 606.

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Contract Costs

The following tables provide changes in our contract acquisition costs and fulfillment costs:

	Three Months Ended June 30, 2024			Three Months Ended June 30, 2023
	Acquisition Costs		Fulfillment Costs	Acquisition Costs	Fulfillment Costs
	(Dollars in millions)			(Dollars in millions)
Beginning of period balance(1)	$	182	189	192	182
Costs incurred	35		49	29	39
Amortization	(32)		(34)	(39)	(36)
Change in contract costs held for sale	—		—	1	1
End of period balance(3)	$	185	204	183	186

	Six Months Ended June 30, 2024			Six Months Ended June 30, 2023
	Acquisition Costs		Fulfillment Costs	Acquisition Costs	Fulfillment Costs
	(Dollars in millions)			(Dollars in millions)
Beginning of period balance(2)	$	182	184	202	192
Costs incurred	68		85	65	79
Amortization	(65)		(65)	(80)	(71)
Change in contract costs held for sale	—		—	(4)	(14)
End of period balance(3)	$	185	204	183	186

______________________________________________________________________

(1)Beginning of period balance for the three months ended June 30, 2023 excludes $11 million of acquisition costs and $15 million fulfillment costs classified as held for sale related to the EMEA business.

(2)Beginning of period balance for the six months ended June 30, 2023 excludes $6 million of acquisition costs and no fulfillment costs classified as held for sale related to the EMEA business.

(3)End of period balance for the three and six months ended June 30, 2023 excludes $10 million of acquisition costs and $14 million of fulfillment costs classified as held for sale related to the EMEA business.

Acquisition costs include commission fees paid to employees as a result of obtaining contracts. Fulfillment costs include third party and internal costs associated with the provision, installation and activation of services to customers, including labor and materials consumed for these activities.

We amortize deferred acquisition and fulfillment costs based on the transfer of services on a straight-line basis over the average contract life of approximately 50 months for mass markets customers and 35 months for business customers. We include amortized fulfillment costs in cost of services and products and amortized acquisition costs in Selling, general and administrative in our consolidated statements of operations. We include the amount of these deferred costs that are anticipated to be amortized in the next twelve months in Other under Current Assets on our consolidated balance sheets. We include the amount of deferred costs expected to be amortized beyond the next twelve months in Other under Deferred Credits and Other Liabilities on our consolidated balance sheets. We assess deferred acquisition and fulfillment costs for impairment on a quarterly basis.

20

(4) Credit Losses on Financial Instruments

To assess our expected credit losses on financial instruments, we aggregate financial assets with similar risk characteristics to monitor their credit quality or deterioration over the life of such assets. We periodically monitor certain risk characteristics within our aggregated financial assets and revise their composition accordingly, to the extent internal and external risk factors change. We separately evaluate financial assets that do not share risk characteristics with other financial assets. Our financial assets measured at amortized cost primarily consist of accounts receivable.

We use a loss rate method to estimate our allowance for credit losses. Our determination of the current expected credit loss rate begins with our review of historical loss experience as a percentage of accounts receivable. We measure our historical loss period based on the average days to recognize accounts receivable as credit losses. When asset specific characteristics and current conditions change from those in the historical period, due to changes in our credit and collections strategy, certain classes of aged balances, or credit loss and recovery policies, we perform a qualitative and quantitative assessment to adjust our historical loss rate. We use regression analysis to develop an expected loss rate using historical experience and economic data over a forecast period. We measure our forecast period based on the average days to collect payment on billed accounts receivable. To determine our current allowance for credit losses, we combine the historical and expected credit loss rates and apply them to our period end accounts receivable.

If there is an unexpected deterioration of a customer's financial condition or an unexpected change in economic conditions, including macroeconomic events, we assess the need to adjust the allowance for credit losses. Any such resulting adjustments would affect earnings in the period that adjustments are made.

The assessment of the correlation between historical observed default rates, current conditions and forecasted economic conditions requires judgment. Alternative interpretations of these factors could have resulted in different conclusions regarding our allowance for credit losses. The amount of credit loss is sensitive to changes in circumstances and forecasted economic conditions. Our historical credit loss experience, current conditions and forecast of economic conditions may also not be representative of the customers' actual default experience in the future, and we may use methodologies that differ from those used by other companies.

The following table presents the activity of our allowance for credit losses by accounts receivable portfolio for the six months ended June 30, 2024:

	Business		Mass Markets	Total
	(Dollars in millions)
As of December 31, 2023	$	36	31	67
Provision for expected losses	13		26	39
Write-offs charged against the allowance	(19)		(31)	(50)
Recoveries collected	4		2	6
Ending balance at June 30, 2024	$	34	28	62

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(5) Long-Term Debt and Credit Facilities

At June 30, 2024, most of our outstanding consolidated debt had been incurred by us or one of the following three subsidiaries, each of which has borrowed funds either on a standalone basis or as part of a separate restricted group with certain of its subsidiaries:

•Level 3 Financing, Inc. ("Level 3 Financing"), including its parent guarantor Level 3 Parent, LLC and certain subsidiary guarantors;

•Qwest Corporation ("Qwest"); and

•Qwest Capital Funding, Inc., including its parent guarantor, Qwest Communications International Inc.

Each of these borrowers or borrowing groups has entered into one or more credit agreements with certain financial institutions or other institutional lenders, or issued senior notes. Certain of these debt instruments are described further in (i) Note 5 below, (ii) Note 7 to the consolidated financial statements included in Item 8 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2023 or (iii) Note 5 to the consolidated financial statements included in Item 1 of Part I of our Quarterly Report on Form 10-Q for the three months ended March 31, 2024.

22

The following tables reflect the consolidated long-term debt of Lumen Technologies and its subsidiaries as of the dates indicated below, including unamortized discounts and premiums and unamortized debt issuance costs:

	Interest Rates(1)	Maturities(1)	June 30, 2024		December 31, 2023
			(Dollars in millions)
Secured Senior Debt: (2)
Lumen Technologies, Inc.
Series A Revolving Credit Facility	SOFR + 4.00%	2028	$	—	—
Series B Revolving Credit Facility	SOFR + 6.00%	2028	—		—
Term Loan A(3)	SOFR + 6.00%	2028	368		—
Term Loan B-1(4)	SOFR + 2.35%	2029	1,621		—
Term Loan B-2(4)	SOFR + 2.35%	2030	1,621		—
Term Loan B(5)	SOFR + 2.25%	2027	57		3,891
Other Facilities(6)	SOFR + 2.00%	2025	—		1,399
Superpriority Notes	4.125%	2029 - 2030	812		—
Former Parent Secured Notes	4.000%	2027	—		1,250
Subsidiaries
Level 3 Financing, Inc.
Term Loan B-1(7)	SOFR + 6.56%	2029	1,199		—
Term Loan B-2(7)	SOFR + 6.56%	2030	1,199		—
Former Level 3 Facility(8)	SOFR + 1.75%	2027	12		2,411
First Lien Notes(9)	10.500% - 11.000%	2029 - 2030	3,846		925
Second Lien Notes	3.875% - 4.875%	2029 - 2031	2,229		—
Former Level 3 Senior Notes	3.400% - 3.875%	2027 - 2029	—		1,500
Unsecured Senior Notes and Other Debt:
Lumen Technologies, Inc.
Senior notes(10)	4.000% - 7.650%	2025 - 2042	2,037		2,143
Subsidiaries:
Level 3 Financing, Inc.
Senior notes(11)	3.400% - 4.625%	2027 - 2029	1,865		3,940
Qwest Corporation
Senior notes	6.500% - 7.750%