Repurchase of CenturyLink Common Stock

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Repurchase of CenturyLink Common Stock

Repurchase of CenturyLink Common Stock

In February 2013, our Board of Directors authorized us to repurchase up to $2 billion of our outstanding common stock. During the six months endedJune 30, 2014, we repurchased 13.7 million shares of our outstanding common stock in the open market under our 2013 repurchase program. These shares were repurchased for an aggregate market price of $433 million, or an average purchase price of $31.54 per share. The repurchased common stock has been retired. On May 29, 2014, we completed the 2013 stock repurchase program, repurchasing over the course of the program a total of 59.5 million shares on the open market at an average purchase price of $33.63 per share.

In February 2014, our Board of Directors authorized a new 24-month program to repurchase up to an aggregate of $1 billion of our outstanding common stock. This new program took effect on May 29, 2014, immediately upon the completion of the above-described 2013 stock repurchase program. During the three months endedJune 30, 2014, we repurchased 1.2 million shares of our outstanding common stock in the open market under our 2014 stock repurchase program. These shares were repurchased for an aggregate market price of $45 million, or an average purchase price of $37.07 per share. The repurchased common stock has been retired. These repurchased shares exclude shares that, as of June 30, 2014, we had agreed to purchase under this program for an aggregate market price of $6 million, or an average purchase price of $36.09 per share, in transactions that settled early in the third quarter of 2014. As of June 30, 2014, we had approximately $955 million remaining available for stock repurchases under the 2014 stock repurchase program.