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

 
(25
)
 
3,292

Property, plant and equipment
9,311

 
86

 
9,397

Identifiable intangible assets (2)
 
 
 
 


Customer relationships
8,964

 
(476
)
 
8,488

Other
391

 
(13
)
 
378

Other noncurrent assets
782

 
203

 
985

Current liabilities, excluding current maturities of long-term debt
(1,461
)
 
(31
)
 
(1,492
)
Current maturities of long-term debt
(7
)
 
—

 
(7
)
Long-term debt
(10,888
)
 
—

 
(10,888
)
Deferred revenue and other liabilities
(1,629
)
 
(102
)
 
(1,731
)
Goodwill
10,837

 
353

 
11,190

Total estimated aggregate consideration
$
19,617

 
(5
)
 
19,612

____________________________________________________________________________________________________________                
(1) 
Includes accounts receivable, which had a gross contractual value of $884 million on November 1, 2017 and September 30, 2018.
(2) 
The preliminary estimate of the weighted-average amortization period for the acquired intangible assets is approximately 12.0 years.
(3) 
All purchase price adjustments occurred during the nine months ended September 30, 2018.
Summary of Acquisition Related Expenses
The table below summarizes our acquisition-related expenses, which consist of integration-related expenses, including severance and retention compensation expenses, and transaction-related expenses:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
(Dollars in millions)
Transaction-related expenses
$
1

 
6

 
2

 
23

Integration-related expenses
43

 
28

 
275

 
40

Total acquisition-related expenses
$
44

 
34

 
277

 
63
Summary of Pro Forma Information
The following unaudited pro forma financial information presents the combined results of CenturyLink as if the Level 3 acquisition had been consummated as of January 1, 2017:
 
Three Months Ended September 30, 2017
 
Nine Months Ended September 30, 2017
 
(Dollars in millions, except per share amounts)
Operating revenues
$
6,031

 
18,316

Net income
194

 
459

Basic earnings per common share
0.18

 
0.43

Diluted earnings per common share
0.18

 
0.43