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Level 3 Parent, LLC – ‘10-K’ for 12/31/16 – ‘R40’

On:  Friday, 2/24/17, at 4:32pm ET   ·   For:  12/31/16   ·   Accession #:  794323-17-2   ·   File #:  1-35134

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  As Of               Filer                 Filing    For·On·As Docs:Size

 2/24/17  Level 3 Parent, LLC               10-K       12/31/16   97:18M

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   1.57M 
 3: EX-21       Subsidiaries List                                   HTML     66K 
 4: EX-23       Consent of Experts or Counsel                       HTML     28K 
 2: EX-12       Statement re: Computation of Ratios                 HTML     44K 
 5: EX-31.1     Certification -- §302 - SOA'02                      HTML     34K 
 6: EX-31.2     Certification -- §302 - SOA'02                      HTML     33K 
 7: EX-32.1     Certification -- §906 - SOA'02                      HTML     28K 
 8: EX-32.2     Certification -- §906 - SOA'02                      HTML     28K 
15: R1          Document and Entity Information Document            HTML     54K 
16: R2          Consolidated Statements of Operations               HTML     82K 
17: R3          Consolidated Statements of Comprehensive Income     HTML     42K 
                (Loss)                                                           
18: R4          Comprehensive Income (Loss) Parenthetical           HTML     32K 
                (Parentheticals)                                                 
19: R5          Consolidated Balance Sheets                         HTML    119K 
20: R6          Consolidated Balance Sheets Parentheticals          HTML     48K 
                (Parentheticals)                                                 
21: R7          Consolidated Statements of Cash Flows               HTML    132K 
22: R8          Consolidated Statements of Changes In               HTML     76K 
                Stockholders' Equity                                             
23: R9          Summary of Significant Accounting Policies          HTML     95K 
24: R10         CenturyLink Merger                                  HTML     32K 
25: R11         Events Associated with the Acquisition of tw        HTML     60K 
                telecom inc.                                                     
26: R12         Earnings Per Share                                  HTML     33K 
27: R13         Property, Plant and Equipment                       HTML     78K 
28: R14         Asset Retirement Obligations                        HTML     42K 
29: R15         Other Intangible Assets                             HTML     76K 
30: R16         Restructuring Charges                               HTML     35K 
31: R17         Fair Value of Financial Instruments                 HTML     73K 
32: R18         Long-Term Debt                                      HTML    115K 
33: R19         Accumulated Other Comprehensive Loss (Notes)        HTML     58K 
34: R20         Employee Benefits and Stock-Based Compensation      HTML    209K 
35: R21         Income Taxes                                        HTML    176K 
36: R22         Segment Information                                 HTML    151K 
37: R23         Commitments, Contingencies and Other Items          HTML    101K 
38: R24         Condensed Consolidating Financial Information       HTML    730K 
39: R25         Unaudited Quarterly Financial Data                  HTML    156K 
40: R26         Subsequent Event                                    HTML     29K 
41: R27         Summary of Significant Accounting Policies          HTML    127K 
                (Policies)                                                       
42: R28         Summary of Significant Accounting Policies          HTML     82K 
                (Tables)                                                         
43: R29         Events Associated with the Acquisition of tw        HTML     47K 
                telecom inc. (Tables)                                            
44: R30         Property, Plant and Equipment (Tables)              HTML     82K 
45: R31         Asset Retirement Obligations (Tables)               HTML     40K 
46: R32         Other Intangible Assets (Tables)                    HTML     74K 
47: R33         Fair Value of Financial Instruments (Tables)        HTML     63K 
48: R34         Long-Term Debt (Tables)                             HTML     91K 
49: R35         Accumulated Other Comprehensive Loss (Tables)       HTML     55K 
50: R36         Employee Benefits and Stock-Based Compensation      HTML    189K 
                (Tables)                                                         
51: R37         Income Taxes (Tables)                               HTML    167K 
52: R38         Segment Information (Tables)                        HTML    150K 
53: R39         Commitments, Contingencies and Other Items          HTML     72K 
                (Tables)                                                         
54: R40         Condensed Consolidating Financial Information       HTML    731K 
                (Tables)                                                         
55: R41         Unaudited Quarterly Financial Data (Tables)         HTML    149K 
56: R42         Summary of Significant Accounting Policies          HTML    122K 
                (Details)                                                        
57: R43         CenturyLink Merger (Details)                        HTML     38K 
58: R44         Events Associated with the Acquisition of tw        HTML    127K 
                telecom inc. (Details)                                           
59: R45         Earnings Per Share (Details)                        HTML     35K 
60: R46         Property, Plant and Equipment (Details)             HTML     63K 
61: R47         Asset Retirement Obligations (Details)              HTML     39K 
62: R48         Other Intangible Assets (Details)                   HTML     88K 
63: R49         Restructuring Charges (Details)                     HTML     44K 
64: R50         Fair Value of Financial Instruments - Liabilities,  HTML     60K 
                Recurring (Details)                                              
65: R51         Long-Term Debt - Schedule of Long Term Debt         HTML    124K 
                (Details)                                                        
66: R52         Long-Term Debt - Textuals (Details)                 HTML    345K 
67: R53         Accumulated Other Comprehensive Loss (Details)      HTML     41K 
68: R54         Employee Benefits and Stock-Based Compensation -    HTML     48K 
                Non-cash compensation expensed and capitalized                   
                (Details)                                                        
69: R55         Employee Benefits and Stock-Based Compensation -    HTML    113K 
                Outperform Stock Options (Details)                               
70: R56         Employee Benefits and Stock-Based Compensation -    HTML     95K 
                Restricted Stock and Units (Details)                             
71: R57         Employee Benefits and Stock-Based Compensation -    HTML     52K 
                Defined Contribution (Details)                                   
72: R58         Employee Benefits and Stock-Based Compensation -    HTML     35K 
                Defined Benefits (Details)                                       
73: R59         Employee Benefits and Stock-Based Compensation -    HTML     30K 
                Annual Discretionary Bonus Grant (Details)                       
74: R60         Income Taxes - Income Tax Expense (Benefit) by      HTML     62K 
                Current and Deferred (Details)                                   
75: R61         Income Taxes - Income (Loss) by Geographic Region   HTML     36K 
                (Details)                                                        
76: R62         Income Taxes - Reconciliation of Income Tax         HTML     75K 
                Expense (Benefit) (Details)                                      
77: R63         Income Taxes - Deferred Tax Assets (Liabilities)    HTML     76K 
                (Details)                                                        
78: R64         Income Taxes - Operating Loss Carryforward          HTML     85K 
                (Details)                                                        
79: R65         Income Taxes - Unrecognized Tax Benefits (Details)  HTML     56K 
80: R66         Segment Information Summarized Segment Information  HTML     72K 
                (Details)                                                        
81: R67         Segment Information Revenue From External           HTML     52K 
                Customers (Details)                                              
82: R68         Segment Information Adjusted EBITDA by Segment      HTML     58K 
                (Details)                                                        
83: R69         Segment Information Capital Expenditures by         HTML     38K 
                Segment (Details)                                                
84: R70         Segment Information Assets by Segment (Details)     HTML     37K 
85: R71         Segment Information Goodwill (Details)              HTML     45K 
86: R72         Commitments, Contingencies and Other Items -        HTML     60K 
                Lawsuits (Details)                                               
87: R73         Commitments, Contingencies and Other Items - Other  HTML    112K 
                Commitments (Details)                                            
88: R74         Commitments, Contingencies and Other Items -        HTML     42K 
                Purchase Commitments (Details)                                   
89: R75         Condensed Consolidating Financial Information -     HTML     31K 
                Narrative (Details)                                              
90: R76         Condensed Consolidating Financial Information -     HTML    167K 
                Statements of Operations (Details)                               
91: R77         Condensed Consolidating Financial Information -     HTML    174K 
                Balance Sheets (Details)                                         
92: R78         Condensed Consolidating Financial Information -     HTML    117K 
                Statements of Cash Flows (Details)                               
93: R79         Unaudited Quarterly Financial Data (Details)        HTML    111K 
94: R80         Subsequent Event (Details)                          HTML     40K 
96: XML         IDEA XML File -- Filing Summary                      XML    172K 
95: EXCEL       IDEA Workbook of Financial Reports                  XLSX    145K 
 9: EX-101.INS  XBRL Instance -- lvlt-20161231                       XML   6.02M 
11: EX-101.CAL  XBRL Calculations -- lvlt-20161231_cal               XML    306K 
12: EX-101.DEF  XBRL Definitions -- lvlt-20161231_def                XML   1.29M 
13: EX-101.LAB  XBRL Labels -- lvlt-20161231_lab                     XML   2.49M 
14: EX-101.PRE  XBRL Presentations -- lvlt-20161231_pre              XML   1.55M 
10: EX-101.SCH  XBRL Schema -- lvlt-20161231                         XSD    273K 
97: ZIP         XBRL Zipped Folder -- 0000794323-17-000002-xbrl      Zip    433K

‘R40’   —   Condensed Consolidating Financial Information (Tables)

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.6.0.2
Condensed Consolidating Financial Information (Tables)
 12 Months Ended
Condensed Consolidating Financial Information [Abstract]  
Schedule of Condensed Consolidating Statements of Operations
Condensed Consolidating Statements of Comprehensive Income (Loss)
For the year ended December 31, 2016

 
Level 3 Communications, Inc.
 
Level 3 Financing, Inc.
 
Level 3 Communications, LLC
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Total
(dollars in millions)
Revenue
$
—

 
$
—

 
$
3,557

 
$
4,747

 
$
(132
)
 
$
8,172

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
 
Network access costs
—

 
—

 
1,283

 
1,574

 
(132
)
 
2,725

Network related expenses
—

 
—

 
953

 
393

 
—

 
1,346

Depreciation and amortization
—

 
—

 
385

 
865

 
—

 
1,250

Selling, general and administrative expenses
16

 
5

 
1,024

 
362

 
—

 
1,407

Total costs and expenses
16

 
5

 
3,645

 
3,194

 
(132
)
 
6,728

Operating (Loss) Income
(16
)
 
(5
)
 
(88
)
 
1,553

 
—

 
1,444

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
3

 
1

 
—

 
4

Interest expense
(36
)
 
(505
)
 
(2
)
 
(3
)
 
—

 
(546
)
Interest income (expense) affiliates, net
1,385

 
2,113

 
(3,215
)
 
(283
)
 
—

 
—

Equity in net earnings (losses) of subsidiaries
(669
)
 
(2,033
)
 
757

 
—

 
1,945

 
—

Other, net
(1
)
 
(39
)
 
2

 
(22
)
 
—

 
(60
)
Total other expense
679

 
(464
)
 
(2,455
)
 
(307
)
 
1,945

 
(602
)
Income (Loss) before Income Taxes
663

 
(469
)
 
(2,543
)
 
1,246

 
1,945

 
842

Income Tax (Expense) Benefit
14

 
(200
)
 
(2
)
 
23

 
—

 
(165
)
Net Income (Loss)
677

 
(669
)
 
(2,545
)
 
1,269

 
1,945

 
677

Other Comprehensive Loss, Net of Income Taxes
(86
)
 
—

 
—

 
(86
)
 
86

 
(86
)
Comprehensive Income (Loss)
$
591

 
$
(669
)
 
$
(2,545
)
 
$
1,183

 
$
2,031

 
$
591

Condensed Consolidating Statements of Comprehensive Income (Loss)
For the year ended December 31, 2015

 
Level 3 Communications, Inc.
 
Level 3 Financing, Inc.
 
Level 3 Communications, LLC
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Total
(dollars in millions)
Revenue
$
—

 
$
—

 
$
3,325

 
$
5,077

 
$
(173
)
 
$
8,229

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
 
Network access costs
—

 
—

 
1,243

 
1,763

 
(173
)
 
2,833

Network related expenses
—

 
—

 
947

 
485

 
—

 
1,432

Depreciation and amortization
—

 
—

 
309

 
857

 
—

 
1,166

Selling, general and administrative expenses
4

 
—

 
1,064

 
399

 
—

 
1,467

Total costs and expenses
4

 
—

 
3,563

 
3,504

 
(173
)
 
6,898

Operating (Loss) Income
(4
)
 
—

 
(238
)
 
1,573

 
—

 
1,331

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
—

 
1

 
—

 
1

Interest expense
(51
)
 
(574
)
 
(3
)
 
(14
)
 
—

 
(642
)
Interest income (expense) affiliates, net
1,310

 
1,984

 
(3,041
)
 
(253
)
 
—

 
—

Equity in net earnings (losses) of subsidiaries
2,162

 
(1,693
)
 
177

 
—

 
(646
)
 
—

Other, net
(18
)
 
(200
)
 
3

 
(192
)
 
—

 
(407
)
Total other expense
3,403

 
(483
)
 
(2,864
)
 
(458
)
 
(646
)
 
(1,048
)
Income (Loss) before Income Taxes
3,399

 
(483
)
 
(3,102
)
 
1,115

 
(646
)
 
283

Income Tax (Expense) Benefit
34

 
2,645

 
(1
)
 
472

 
—

 
3,150

Net Income (Loss)
3,433

 
2,162

 
(3,103
)
 
1,587

 
(646
)
 
3,433

Other Comprehensive (Loss) Income, Net of Income Taxes
(154
)
 
—

 
—

 
(154
)
 
154

 
(154
)
Comprehensive Income (Loss)
$
3,279

 
$
2,162

 
$
(3,103
)
 
$
1,433

 
$
(492
)
 
$
3,279

Condensed Consolidating Statements of Comprehensive Income (Loss)
For the year ended December 31, 2014

 
Level 3 Communications, Inc.
 
Level 3 Financing, Inc.
 
Level 3 Communications, LLC
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Total
(dollars in millions)
Revenue
$
—

 
$
—

 
$
3,073

 
$
3,918

 
$
(214
)
 
$
6,777

Costs and Expenses:
 
 
 
 
 
 
 
 
 
 
 
Network access costs
—

 
—

 
1,177

 
1,566

 
(214
)
 
2,529

Network related expenses
—

 
—

 
762

 
484

 
—

 
1,246

Depreciation and amortization
—

 
—

 
277

 
531

 
—

 
808

Selling, general and administrative expenses
21

 
2

 
735

 
423

 
—

 
1,181

Total costs and expenses
21

 
2

 
2,951

 
3,004

 
(214
)
 
5,764

Operating (Loss) Income
(21
)
 
(2
)
 
122

 
914

 
—

 
1,013

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
 
Interest income
—

 
—

 
—

 
1

 
—

 
1

Interest expense
(143
)
 
(492
)
 
(2
)
 
(17
)
 
—

 
(654
)
Interest income (expense) affiliates, net
1,227

 
1,827

 
(2,890
)
 
(164
)
 
—

 
—

Equity in net earnings (losses) of subsidiaries
(710
)
 
(2,047
)
 
663

 
—

 
2,094

 
—

Other, net
(53
)
 
—

 
7

 
(76
)
 
—

 
(122
)
Total other expense
321

 
(712
)
 
(2,222
)
 
(256
)
 
2,094

 
(775
)
Income (Loss) before Income Taxes
300

 
(714
)
 
(2,100
)
 
658

 
2,094

 
238

Income Tax (Expense) Benefit
14

 
4

 
(1
)
 
59

 
—

 
76

Net Income (Loss)
314

 
(710
)
 
(2,101
)
 
717

 
2,094

 
314

Other Comprehensive Income (Loss), Net of Income Taxes
(183
)
 
—

 
—

 
(183
)
 
183

 
(183
)
Comprehensive Income (Loss)
$
131

 
$
(710
)
 
$
(2,101
)
 
$
534

 
$
2,277

 
$
131
Schedule of Condensed Consolidating Balance Sheets
Condensed Consolidating Balance Sheets

 
Level 3 Communications, Inc.
 
Level 3 Financing, Inc.
 
Level 3 Communications, LLC
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Total
(dollars in millions)
Assets
 
 
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
15

 
$
—

 
$
1,700

 
$
104

 
$
—

 
$
1,819

Restricted cash and securities
—

 
—

 
1

 
6

 
—

 
7

Receivables, less allowances for doubtful accounts
—

 
—

 
26

 
686

 
—

 
712

Due from affiliates
17,032

 
21,715

 
—

 
2,180

 
(40,927
)
 
—

Other
—

 
—

 
87

 
28

 
—

 
115

Total Current Assets
17,047

 
21,715

 
1,814

 
3,004

 
(40,927
)
 
2,653

Property, Plant, and Equipment, net
—

 
—

 
3,869

 
6,270

 
—

 
10,139

Restricted Cash and Securities
22

 
—

 
9

 
—

 
—

 
31

Goodwill and Other Intangibles, net
—

 
—

 
353

 
8,291

 
—

 
8,644

Investment in Subsidiaries
16,869

 
17,599

 
3,674

 
—

 
(38,142
)
 
—

Deferred Tax Assets
51

 
2,687

 
—

 
632

 
—

 
3,370

Other Assets, net
—

 
—

 
16

 
35

 
—

 
51

Total Assets
$
33,989

 
$
42,001

 
$
9,735

 
$
18,232

 
$
(79,069
)
 
$
24,888

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders' Equity (Deficit)
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$
—

 
$
—

 
$
307

 
$
399

 
$
—

 
$
706

Current portion of long-term debt
—

 
—

 
2

 
5

 
—

 
7

Accrued payroll and employee benefits
—

 
—

 
160

 
35

 
—

 
195

Accrued interest
11

 
110

 
—

 
8

 
—

 
129

Current portion of deferred revenue
—

 
—

 
116

 
150

 
—

 
266

Due to affiliates
—

 
—

 
40,927

 
—

 
(40,927
)
 
—

Other
—

 
—

 
127

 
41

 
—

 
168

Total Current Liabilities
11

 
110

 
41,639

 
638

 
(40,927
)
 
1,471

Long-Term Debt, less current portion
592

 
10,108

 
13

 
164

 
—

 
10,877

Deferred Revenue, less current portion
—

 
—

 
719

 
282

 
—

 
1,001

Other Liabilities
16

 
—

 
155

 
451

 
—

 
622

Commitments and Contingencies
 
 
 
 
 
 
 
 
 
 
 
Stockholders' Equity (Deficit)
33,370

 
31,783

 
(32,791
)
 
16,697

 
(38,142
)
 
10,917

Total Liabilities and Stockholders' Equity (Deficit)
$
33,989

 
$
42,001

 
$
9,735

 
$
18,232

 
$
(79,069
)
 
$
24,888

Condensed Consolidating Balance Sheets

 
Level 3 Communications, Inc.
 
Level 3 Financing, Inc.
 
Level 3 Communications, LLC
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Total
(dollars in millions)
Assets
 
 
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
12

 
$
6

 
$
727

 
$
109

 
$
—

 
$
854

Restricted cash and securities
—

 
—

 
1

 
7

 
—

 
8

Receivables, less allowances for doubtful accounts
—

 
—

 
47

 
710

 
—

 
757

Due from affiliates
12,415

 
22,759

 
—

 
2,816

 
(37,990
)
 
—

Other
—

 
—

 
56

 
55

 
—

 
111

Total Current Assets
12,427

 
22,765

 
831

 
3,697

 
(37,990
)
 
1,730

Property, Plant, and Equipment, net
—

 
—

 
3,423

 
6,455

 
—

 
9,878

Restricted Cash and Securities
27

 
—

 
14

 
1

 
—

 
42

Goodwill and Other Intangibles, net
—

 
—

 
363

 
8,513

 
—

 
8,876

Investment in Subsidiaries
16,772

 
17,714

 
3,734

 
—

 
(38,220
)
 
—

Deferred Tax Assets
38

 
2,847

 
—

 
556

 
—

 
3,441

Other Assets, net
—

 
—

 
12

 
38

 
—

 
50

Total Assets
$
29,264

 
$
43,326

 
$
8,377

 
$
19,260

 
$
(76,210
)
 
$
24,017

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders' Equity (Deficit)
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$
—

 
$
1

 
$
195

 
$
433

 
$
—

 
$
629

Current portion of long-term debt
—

 
—

 
2

 
13

 
—

 
15

Accrued payroll and employee benefits
—

 
—

 
186

 
32

 
—

 
218

Accrued interest
11

 
90

 
—

 
7

 
—

 
108

Current portion of deferred revenue
—

 
—

 
119

 
148

 
—

 
267

Due to affiliates
—

 
—

 
37,990

 
—

 
(37,990
)
 
—

Other
—

 
—

 
115

 
64

 
—

 
179

Total Current Liabilities
11

 
91

 
38,607

 
697

 
(37,990
)
 
1,416

Long-Term Debt, less current portion
591

 
10,092

 
15

 
168

 
—

 
10,866

Deferred Revenue, less current portion
—

 
—

 
680

 
297

 
—

 
977

Other Liabilities
15

 
—

 
133

 
484

 
—

 
632

Commitments and Contingencies
 
 
 
 
 
 
 
 
 
 
 
Stockholders' Equity (Deficit)
28,647

 
33,143

 
(31,058
)
 
17,614

 
(38,220
)
 
10,126

Total Liabilities and Stockholders' Equity (Deficit)
$
29,264

 
$
43,326

 
$
8,377

 
$
19,260

 
$
(76,210
)
 
$
24,017
Schedule of Condensed Consolidating Statements of Cash Flows
Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2016

 
Level 3 Communications, Inc.
 
Level 3 Financing, Inc.
 
Level 3 Communications, LLC
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Total
(dollars in millions)
Net Cash (Used in) Provided by Operating Activities
$
(49
)
 
$
(468
)
 
$
564

 
$
2,296

 
$
—

 
$
2,343

Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
—

 
(704
)
 
(630
)
 
—

 
(1,334
)
Change in restricted cash and securities, net
5

 
—

 
6

 
1

 
—

 
12

Proceeds from sale of property, plant and equipment and other assets
—

 
—

 
1

 
2

 
—

 
3

Net Cash Provided by (Used in) Investing Activities
5

 
—

 
(697
)
 
(627
)
 
—

 
(1,319
)
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
 
 
Long-term debt borrowings, net of issuance costs
—

 
764

 
—

 
—

 
—

 
764

Payments on and repurchases of long-term debt, including current portion and refinancing costs
—

 
(806
)
 
(1
)
 
(13
)
 
—

 
(820
)
Increase (decrease) due from/to affiliates, net
47

 
504

 
1,107

 
(1,658
)
 
—

 
—

Net Cash Provided by (Used in) Financing Activities
47

 
462

 
1,106

 
(1,671
)
 
—

 
(56
)
Effect of Exchange Rates on Cash and Cash Equivalents
—

 
—

 
—

 
(3
)
 
—

 
(3
)
Net Change in Cash and Cash Equivalents
3

 
(6
)
 
973

 
(5
)
 
—

 
965

Cash and Cash Equivalents at Beginning of Year
12

 
6

 
727

 
109

 
—

 
854

Cash and Cash Equivalents at End of Year
$
15

 
$
—

 
$
1,700

 
$
104

 
$
—

 
$
1,819


Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2015

 
Level 3 Communications, Inc.
 
Level 3 Financing, Inc.
 
Level 3 Communications, LLC
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Total
(dollars in millions)
Net Cash Provided by (Used in) Operating Activities
$
(40
)
 
$
(617
)
 
$
193

 
$
2,319

 
$
—

 
$
1,855

Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
—

 
(453
)
 
(776
)
 
—

 
(1,229
)
Cash related to deconsolidated Venezuela operations
—

 
—

 
—

 
(83
)
 
—

 
(83
)
Change in restricted cash and securities, net
(25
)
 
—

 
3

 
—

 
—

 
(22
)
Proceeds from sale of property, plant and equipment and other assets
—

 
—

 
—

 
4

 
—

 
4

Other
—

 
—

 
(14
)
 
—

 
—

 
(14
)
Net Cash Provided by (Used in) Investing Activities
(25
)
 
—

 
(464
)
 
(855
)
 
—

 
(1,344
)
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
 
 
Long-term debt borrowings, net of issuance costs
—

 
4,832

 
—

 
—

 
—

 
4,832

Payments on and repurchases of long-term debt, including current portion and refinancing costs
(313
)
 
(4,725
)
 
(2
)
 
(11
)
 
—

 
(5,051
)
Increase (decrease) due from/to affiliates, net
383

 
511

 
693

 
(1,587
)
 
—

 
—

Net Cash Provided by (Used in) Financing Activities
70

 
618

 
691

 
(1,598
)
 
—

 
(219
)
Effect of Exchange Rates on Cash and Cash Equivalents
—

 
—

 
—

 
(18
)
 
—

 
(18
)
Net Change in Cash and Cash Equivalents
5

 
1

 
420

 
(152
)
 
—

 
274

Cash and Cash Equivalents at Beginning of Year
7

 
5

 
307

 
261

 
—

 
580

Cash and Cash Equivalents at End of Year
$
12

 
$
6

 
$
727

 
$
109

 
$
—

 
$
854

Condensed Consolidating Statements of Cash Flows
For the year ended December 31, 2014

 
Level 3 Communications, Inc.
 
Level 3 Financing, Inc.
 
Level 3 Communications, LLC
 
Other Non-Guarantor Subsidiaries
 
Eliminations
 
Total
(dollars in millions)
Net Cash Provided by (Used in) Operating Activities
$
(178
)
 
$
(458
)
 
$
625

 
$
1,172

 
$
—

 
$
1,161

Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
—

 
—

 
(362
)
 
(548
)
 
—

 
(910
)
Change in restricted cash and securities, net
—

 
—

 
2

 
(12
)
 
—

 
(10
)
Proceeds from sale of property, plant and equipment and other assets
—

 
—

 
—

 
3

 
—

 
3

Investment in tw telecom, net of cash acquired
(474
)
 
—

 
—

 
307

 
—

 
(167
)
Other
—

 
—

 
—

 
(2
)
 
—

 
(2
)
Net Cash Provided by (Used in) Investing Activities
(474
)
 
—

 
(360
)
 
(252
)
 
—

 
(1,086
)
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
 
 
Long-term debt borrowings, net of issuance costs
590

 
—

 
—

 
(1
)
 
—

 
589

Payments on and repurchases of long-term debt, including current portion and refinancing costs
(647
)
 
—

 
—

 
(24
)
 
—

 
(671
)
Increase (decrease) due from/to affiliates, net
708

 
457

 
(305
)
 
(860
)
 
—

 
—

Net Cash Provided by (Used in) Financing Activities
651

 
457

 
(305
)
 
(885
)
 
—

 
(82
)
Effect of Exchange Rates on Cash and Cash Equivalents
—

 
—

 
—

 
(44
)
 
—

 
(44
)
Net Change in Cash and Cash Equivalents
(1
)
 
(1
)
 
(40
)
 
(9
)
 
—

 
(51
)
Cash and Cash Equivalents at Beginning of Year
8

 
6

 
347

 
270

 
—

 
631

Cash and Cash Equivalents at End of Year
$
7

 
$
5

 
$
307

 
$
261

 
$
—

 
$
580

Dates Referenced Herein   and   Documents Incorporated by Reference

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