Louisiana
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1-7784
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72-0651161
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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100 CenturyLink Drive
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||
Monroe, Louisiana
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71203
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(Address of principal executive offices)
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(Zip Code)
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Item 8.01.
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Other Events.
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Item 9.01.
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Financial Statements and Exhibits.
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(a)
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Financial statements of businesses acquired.
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(b)
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Pro forma financial information.
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(d)
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Exhibits
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CENTURYLINK, INC. | |
By: /s/ David D. Cole
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|
David D. Cole
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|
Senior Vice President – Controller
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|
Dated: May 17, 2011 |
and Operations Support
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Exhibit No.
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Description
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99.1
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The unaudited consolidated balance sheets of Qwest Communications International Inc. as of March 31, 2011 and December 31, 2010 and the unaudited consolidated statements of income, comprehensive income, cash flows and changes in stockholders’ deficit for the three months ended March 31, 2011 and 2010, and the notes related thereto (incorporated by reference to Qwest Communications International Inc.’s Quarterly Report on Form 10-Q, filed on May 6, 2011).
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99.2
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Unaudited Pro Forma Combined Condensed Financial Information, included herein.
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Number of CenturyLink shares issued to consummate the transaction
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294.0 | |||
Multiplied by price of CenturyLink common stock*
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$ | 41.55 | ||
Aggregate equity consideration
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$ | 12,216 | ||
Cash paid in lieu of the issuance of fractional shares
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$ | 5 | ||
Aggregate merger consideration before consideration of share-based compensation awards
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$ | 12,221 | ||
Portion of assumed share-based compensation awards attributable to the pre-combination period
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$ | 61 | ||
Aggregate consideration
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$ | 12,282 |
CENTURYLINK, INC.
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|||||||||||||||||
PRO FORMA COMBINED CONDENSED BALANCE SHEET
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|||||||||||||||||
MARCH 31, 2011
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|||||||||||||||||
(UNAUDITED)
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|||||||||||||||||
CenturyLink
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Qwest
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Pro forma
adjustments
|
|
Pro forma
combined
|
|||||||||||||
In millions
|
|||||||||||||||||
ASSETS
|
|||||||||||||||||
CURRENT ASSETS
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|||||||||||||||||
Cash and cash equivalents
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$ | 270 | 424 | 694 | |||||||||||||
Accounts receivable
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649 | 1,188 | 1,837 | ||||||||||||||
Other current assets
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194 | 501 | (119 | ) |
(A)
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576 | |||||||||||
Total current assets
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1,113 | 2,113 | (119 | ) | 3,107 | ||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT
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8,649 | 11,665 | 20,314 | ||||||||||||||
GOODWILL AND OTHER ASSETS
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|||||||||||||||||
Goodwill
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10,261 | - | 12,640 |
(B)
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22,901 | ||||||||||||
Other
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1,851 | 3,071 | 769 |
(C)
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5,691 | ||||||||||||
Total goodwill and other assets
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12,112 | 3,071 | 13,409 | 28,592 | |||||||||||||
TOTAL ASSETS
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$ | 21,874 | 16,849 | 13,290 | 52,013 | ||||||||||||
LIABILITIES AND EQUITY
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|||||||||||||||||
CURRENT LIABILITIES
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|||||||||||||||||
Current maturities of long-term debt
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$ | 12 | 2,422 | 2,434 | |||||||||||||
Accounts payable
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278 | 908 | 1,186 | ||||||||||||||
Accrued expenses and other liabilities
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764 | 1,611 | (153 | ) |
(D)
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2,222 | |||||||||||
Total current liabilities
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1,054 | 4,941 | (153 | ) | 5,842 | ||||||||||||
LONG-TERM DEBT
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7,168 | 9,355 | 887 |
(E)
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17,410 | ||||||||||||
DEFERRED CREDITS AND OTHER LIABILITIES
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3,993 | 4,113 | (1,286 | ) |
(F)
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6,820 | |||||||||||
SHAREHOLDERS' EQUITY
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|||||||||||||||||
Common stock
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306 | 18 | 276 |
(G)
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600 | ||||||||||||
Paid-in capital
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6,194 | 42,303 | (30,315 | ) |
(G)
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18,182 | |||||||||||
Accumulated other comprehensive loss, net of tax
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(139 | ) | (369 | ) | 369 |
(G)
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(139 | ) | |||||||||
Retained earnings (deficit)
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3,292 | (43,355 | ) | 43,355 |
(G)
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3,292 | |||||||||||
Noncontrolling interests
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6 | - | - | 6 | |||||||||||||
Treasury stock
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- | (157 | ) | 157 |
(G)
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- | |||||||||||
Total shareholders’ equity (deficit)
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9,659 | (1,560 | ) | 13,842 | 21,941 | ||||||||||||
TOTAL LIABILITIES AND EQUITY
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$ | 21,874 | 16,849 | 13,290 | 52,013 | ||||||||||||
See accompanying notes to unaudited pro forma combined condensed financial information.
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CENTURYLINK, INC.
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|||||||||||||||||
PRO FORMA COMBINED CONDENSED STATEMENT OF INCOME
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|||||||||||||||||
YEAR ENDED DECEMBER 31, 2010
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|||||||||||||||||
(UNAUDITED)
|
|||||||||||||||||
CenturyLink
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Qwest
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Pro forma
adjustments
|
Pro forma
combined
|
||||||||||||||
In millions, except per share amounts
|
|||||||||||||||||
OPERATING REVENUES
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$ | 7,042 | 11,730 | (264 | ) |
(H)
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18,508 | ||||||||||
OPERATING EXPENSES
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|||||||||||||||||
Cost of services and products
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2,410 | 3,804 | (231 | ) |
(H)
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5,983 | |||||||||||
Selling, general and administrative
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1,138 | 3,725 | (44 | ) |
(I)
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4,819 | |||||||||||
Depreciation and amortization
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1,434 | 2,200 | 400 |
(J)
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4,034 | ||||||||||||
4,982 | 9,729 | 125 | 14,836 | ||||||||||||||
OPERATING INCOME
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2,060 | 2,001 | (389 | ) | 3,672 | ||||||||||||
OTHER INCOME (EXPENSE)
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|||||||||||||||||
Interest expense
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(557 | ) | (1,039 | ) | 294 |
(K)
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(1,302 | ) | |||||||||
Other income (expense)
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28 | (512 | ) | (484 | ) | ||||||||||||
Income tax expense
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(583 | ) | (505 | ) | 36 |
(L)
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(1,052 | ) | |||||||||
NET INCOME (LOSS)
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$ | 948 | (55 | ) | (59 | ) | 834 | ||||||||||
BASIC EARNINGS (LOSS) PER COMMON SHARE
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$ | 3.13 | (0.03 | ) | 1.40 | ||||||||||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE
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$ | 3.13 | (0.03 | ) | 1.40 | ||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
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|||||||||||||||||
Basic
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300.6 | 1,726.1 | (1,438.9 | ) |
(M)
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587.8 | |||||||||||
Diluted
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301.3 | 1,726.1 | (1,438.9 | ) |
(M)
|
588.5 | |||||||||||
CENTURYLINK, INC.
|
|||||||||||||||||
PRO FORMA COMBINED CONDENSED STATEMENT OF INCOME
|
|||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2011
|
|||||||||||||||||
(UNAUDITED)
|
|||||||||||||||||
CenturyLink
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Qwest
|
Pro forma
adjustments
|
|
Pro forma
combined
|
|||||||||||||
In millions, except per share amounts
|
|||||||||||||||||
OPERATING REVENUES
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$ | 1,696 | 2,846 | (61 | ) |
(H)
|
4,481 | ||||||||||
OPERATING EXPENSES
|
|||||||||||||||||
Cost of services and products
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595 | 1,178 | (53 | ) |
(H)
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1,720 | |||||||||||
Selling, general and administrative
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268 | 556 | (11 | ) |
(I)
|
813 | |||||||||||
Depreciation and amortization
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369 | 533 | 90 |
(J)
|
992 | ||||||||||||
1,232 | 2,267 | 26 | 3,525 | ||||||||||||||
OPERATING INCOME
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464 | 579 | (87 | ) | 956 | ||||||||||||
OTHER INCOME (EXPENSE)
|
|||||||||||||||||
Interest expense
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(131 | ) | (227 | ) | 44 |
(K)
|
(314 | ) | |||||||||
Other income (expense)
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6 | 5 | 11 | ||||||||||||||
Income tax expense
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(128 | ) | (146 | ) | 16 |
(L)
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(258 | ) | |||||||||
NET INCOME (LOSS)
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$ | 211 | 211 | (27 | ) | 395 | |||||||||||
BASIC EARNINGS (LOSS) PER COMMON SHARE
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$ | 0.69 | 0.12 | 0.66 | |||||||||||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE
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$ | 0.69 | 0.12 | 0.66 | |||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
|
|||||||||||||||||
Basic
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303.8 | 1,761.1 | (1,468.1 | ) |
(M)
|
596.9 | |||||||||||
Diluted
|
304.5 | 1,775.7 | (1,480.2 | ) |
(M)
|
600.0 | |||||||||||
(1)
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Basis of Preliminary Purchase Price Allocation
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Total estimated purchase price
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$ | 12,282 | ||
Cash, accounts receivable and other current assets
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$ | 1,994 | ||
Property, plant and equipment
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11,665 | |||
Intangible identifiable assets
|
||||
Customer relationships
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2,200 | |||
Other
|
400 | |||
Other non-current assets
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1,240 | |||
Current liabilities, excluding the current portion of long-term debt
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(2,366 | ) | ||
Current portion of long-term debt
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(2,422 | ) | ||
Long-term debt
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(10,242 | ) | ||
Deferred credits and other liabilities
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(2,827 | ) | ||
Goodwill
|
12,640 | |||
Total estimated purchase price
|
$ | 12,282 |
(2)
|
Pro Forma Adjustments
|
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(A)
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To eliminate existing current deferred costs of Qwest associated with installation activities that are currently expected to be assigned no value in the purchase price allocation process.
|
|
(B)
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To reflect the establishment of goodwill of $12.640 billion estimated as a result of the preliminary purchase price allocation described in Note (1).
|
|
(C)
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To reflect the preliminary fair values of the identifiable intangible assets of Qwest which were estimated by CenturyLink’s management based on the fair values assigned to similar assets in the recently completed Embarq acquisition. The estimated useful life of the customer relationship asset was assumed to be 10 years. The other intangible assets are considered indefinite life intangible assets and thus have no associated amortization expense for purposes hereof. This adjustment also includes (i) a reclassification of Qwest’s existing noncurrent deferred tax asset to partially offset CenturyLink’s existing noncurrent deferred tax liability; (ii) the elimination of existing deferred costs of Qwest associated with installation activities that are currently expected to be assigned no value in the purchase price allocation process and (iii) the elimination of existing deferred debt issuance costs of Qwest. This pro forma adjustment is composed of the following (in millions):
|
Increase
|
||||
(decrease)
|
||||
to assets
|
||||
Establish customer relationship asset
|
$ | 2,200 | ||
Establish other intangible assets
|
400 | |||
Reclassify noncurrent deferred tax asset to deferred credits and other liabilities
|
(1,616 | ) | ||
Elimination of deferred costs associated with installation activities
|
(125 | ) | ||
Elimination of debt issuance costs | (90 | ) | ||
Net pro forma adjustment
|
$ | 769 |
|
(D)
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To eliminate existing deferred revenues of Qwest associated with installation activities and capacity leases that are currently expected to be assigned little or no value in the purchase price allocation process.
|
|
(E)
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To adjust the carrying value of Qwest’s long-term debt to its estimated fair value as of March 31, 2011. Fair value was estimated based on quoted market prices where available or, if not available, based on discounted future cash flows using current market interest rates.
|
|
(F)
|
To (i) reclassify Qwest’s existing noncurrent deferred tax asset to partially offset CenturyLink’s existing noncurrent deferred tax liability; (ii) eliminate existing deferred revenue of Qwest associated with installation activities and capacity leases that are currently expected to be assigned little or no value in the purchase price allocation process and (iii) reflect the estimated net deferred tax liability established for the tax effects of recognizing the preliminary purchase price allocation reflected herein (calculated at an estimated effective tax rate of 38.0%). This net pro forma adjustment is composed of the following (in millions):
|
Increase
|
||||
(decrease)
|
||||
to liabilities
|
||||
Reclassify noncurrent deferred tax asset
|
$ | (1,616 | ) | |
Elimination of existing deferred revenue of Qwest
|
(406 | ) | ||
Reflect deferred tax liability (asset) associated with:
|
||||
Customer relationship and other intangible assets
|
988 | |||
Long-term debt
|
(337 | ) | ||
Elimination of deferred revenue associated with capacity leases
|
119 | |||
Elimination of deferred debt issuance costs
|
(34 | ) | ||
Net pro forma adjustment
|
$ | (1,286 | ) |
|
(G)
|
To reflect the elimination of Qwest’s stockholders’ equity balances as of March 31, 2011 and to reflect the issuance of approximately 294 million shares of CenturyLink common stock (valued at $12.282 billion for purposes of this pro forma information) as consideration delivered to acquire Qwest.
|
|
(H)
|
To reflect the elimination of (i) operating revenues and operating expenses recognized by Qwest associated with existing deferred revenues and costs from installation activities and capacity leases that are currently expected to be assigned little or no value in the purchase price allocation process ($188 million of operating revenues and $155 million of operating expenses for the year ended December 31, 2010 and $45 million of operating revenues and $37 million of operating expenses for the three months ended March 31, 2011) and (ii) operating revenues and operating expenses from pre-existing relationships between CenturyLink and Qwest that will be subject to elimination after the merger ($76 million of operating revenues and operating expenses for the year ended December 31, 2010 and $16 million of operating revenues and operating expenses for the three months ended March 31, 2011).
|
|
(I)
|
To reflect a reduction of pension and postretirement benefit expense due to eliminating the amortization of previously unrecognized prior service costs and net actuarial losses recognized by Qwest. Such unrecognized items will be eliminated in the purchase price allocation process.
|
|
(J)
|
To reflect amortization expense associated with the Qwest customer relationship asset estimated in Item (C) above assuming an estimated useful life of 10 years utilizing an accelerated (sum-of-the-years digits) amortization method (which corresponds to an increase in depreciation and amortization of $400 million for the year ended December 31, 2010 and $90 million for the three months ended March 31, 2011).
|
|
(K)
|
To reflect a reduction in interest expense from the accretion of the purchase accounting adjustment associated with reflecting Qwest’s long-term debt based on its estimated fair value pursuant to the adjustment described in Item (E) above.
|
|
(L)
|
To reflect the tax effects of Items (H), (I), (J) and (K) using an estimated effective income tax rate of 38.0%.
|
|
(M)
|
To reflect (i) the elimination of Qwest’s basic and diluted common shares outstanding, net of (ii) the assumed issuance of basic and diluted common shares as a result of the Qwest transaction calculated by multiplying Qwest’s basic and diluted common shares outstanding by the 0.1664 exchange ratio.
|
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