Repurchases of Lumen Common Stock

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Repurchases of Lumen Common Stock

Repurchases of Lumen Common Stock

Effective November 2, 2022, our Board of Directors authorized a new two-year program to repurchase up to an aggregate of $1.5 billion of our outstanding common stock. During the year ended December 31, 2022, we repurchased under this program 33 million shares of our outstanding common stock in the open market for an aggregate market price of $200 million, or an average purchase price of $6.07 per share. All repurchased common stock has been retired. As a result, common stock and additional paid-in capital were reduced as of December 31, 2022 by $33 million and $167 million, respectively.

On August 3, 2021, our Board of Directors authorized a 24-month program to repurchase up to an aggregate of $1.0 billion of our outstanding common stock. During the year ended December 31, 2021, we repurchased under this program 80.9 million shares of our outstanding common stock in the open market for an aggregate market price of $1.0 billion, or an average purchase price of $12.36 per share, thereby fully exhausting the program. All repurchased common stock has been retired. As a result, common stock and additional paid-in capital were reduced as of December 31, 2021 by $81 million and $919 million, respectively.

We expect repurchases made in 2023 and beyond to be subject to a non-deductible 1% excise tax on the fair market value of the stock under the Inflation Reduction Act of 2022.

Dividends

Our Board of Directors declared the following dividends payable in 2022 and 2021:

Date Declared	Record Date	Dividend Per Share		Total Amount		Payment Date
				(in millions)
August 18, 2022	8/30/2022	$	0.25	$	253	9/9/2022
May 19, 2022	5/31/2022	0.25		253		6/10/2022
February 24, 2022	3/8/2022	0.25		253		3/18/2022
November 18, 2021	11/29/2021	0.25		251		12/10/2021
August 19, 2021	8/30/2021	0.25		264		9/10/2021
May 20, 2021	6/1/2021	0.25		272		6/11/2021
February 25, 2021	3/8/2021	0.25		276		3/19/2021

The declaration of dividends is solely at the discretion of our Board of Directors. On November 2, 2022, we announced that our Board had terminated our quarterly cash dividend program. Under this revised capital allocation policy, the company plans to continue to invest in growth initiatives.