Acquisitions (Tables)

6 Months Ended

Jun. 30, 2012

Acquisitions

Schedule of expenses recognized by CenturyLink

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
	(Dollars in millions)
Acquisition-related expenses	$	12		266		51		301

Combined pro forma financial information results of CenturyLink related to Qwest and Savvis acquisitions

	Three Months Ended June 30,				Six Months Ended June 30,
	Actual		Pro Forma		Actual		Pro Forma
	2012		2011		2012		2011
	(Dollars in millions)
Operating revenues	$	4,612		4,669		9,222		9,406
Net income		74		83		274		358
Basic earnings per common share		.12		.13		.44		.58
Diluted earnings per common share		.12		.13		.44		.58

Savvis

Acquisitions

Preliminary assignment of the aggregate consideration

	July 15, 2011
	(Dollars in millions)
Cash, accounts receivable and other current assets*	$	214
Property, plant and equipment		1,367
Identifiable intangible assets:
Customer relationships		739
Other		51
Other noncurrent assets		27
Current liabilities, excluding current maturities of long-term debt		(129)
Current maturities of long-term debt		(38)
Long-term debt		(840)
Deferred credits and other liabilities		(358)
Goodwill		1,349
Aggregate consideration	$	2,382

*

Includes estimated fair value of $90 million for accounts receivable which had gross contractual value of $101 million on July 15, 2011. The $11 million difference between the gross contractual value and the estimated fair value assigned represents our best estimate as of July 15, 2011 of contractual cash flows that would not be collected.

Qwest

Acquisitions

Preliminary assignment of the aggregate consideration

	April 1, 2011
	(Dollars in millions)
Cash, accounts receivable and other current assets*	$	2,121
Property, plant and equipment		9,529
Identifiable intangible assets:
Customer relationships		7,558
Capitalized software		1,702
Other		189
Other noncurrent assets		390
Current liabilities, excluding current maturities of long-term debt		(2,426)
Current maturities of long-term debt		(2,422)
Long-term debt		(10,253)
Deferred credits and other liabilities		(4,238)
Goodwill		10,123
Aggregate consideration	$	12,273

*

Includes estimated fair value of $1.194 billion for accounts receivable which had gross contractual value of $1.274 billion on April 1, 2011. The $80 million difference between the gross contractual value and the estimated fair value assigned represents our best estimate as of April 1, 2011 of contractual cash flows that would not be collected.