Lumen Technologies Inc

For the period ended Dec 31, 2023. Filed Feb 22, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 22, 2024

LUMN$4.71+9.0%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2023	2022	2021
(Dollars in millions)
OPERATING ACTIVITIES
Net (loss) income	$(10,298)	(1,548)	2,033
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	2,985	3,239	4,019
Net loss (gain) on sale of businesses	121	(113)	—
Loss on disposal groups held for sale	—	40	—
Goodwill impairment	10,693	3,271	—
Deferred income taxes	8	(1,230)	598
Provision for uncollectible accounts	100	133	105
Net gain on early retirement and modification of debt	(618)	(214)	(8)
Unrealized loss (gain) on investments	97	191	(138)
Stock-based compensation	52	98	120
Changes in current assets and liabilities:
Accounts receivable	102	(158)	(8)
Accounts payable	(97)	98	(261)
Accrued income and other taxes	(1,185)	972	(69)
Other current assets and liabilities, net	(549)	(372)	(353)
Retirement benefits	(1)	46	163
Changes in other noncurrent assets and liabilities, net	730	258	283
Other, net	20	24	17
Net cash provided by operating activities	2,160	4,735	6,501
INVESTING ACTIVITIES
Capital expenditures	(3,100)	(3,016)	(2,900)
Proceeds from sale of businesses	1,746	8,369	—
Proceeds from sale of property, plant and equipment, and other assets	165	120	135
Other, net	(12)	3	53
Net cash (used in) provided by investing activities	(1,201)	5,476	(2,712)
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt	—	—	1,881
Payments of long-term debt	(185)	(8,093)	(3,598)
Net proceeds from (payments on) revolving line of credit	200	(200)	50
Dividends paid	(11)	(780)	(1,087)
Repurchases of common stock	—	(200)	(1,000)
Other, net	(22)	(40)	(53)
Net cash used in financing activities	(18)	(9,313)	(3,807)

Supplemental cash flow information:
Net increase (decrease) in cash, cash equivalents and restricted cash	941	898	(18)
Cash, cash equivalents and restricted cash at beginning of period	1,307	409	427
Cash, cash equivalents and restricted cash at end of period	$2,248	1,307	409
Income taxes paid, net	$(1,303)	(76)	(112)
Interest paid (net of capitalized interest of $111, $66 and $53)	$(1,138)	(1,365)	(1,487)
Supplemental non-cash information regarding investing activities:
Sale of property, plant and equipment in exchange for note receivable	$—	—	56
Supplemental non-cash information regarding financing activities:
Purchase of software subscription in exchange for installment debt	$—	—	77
Cancellation of senior unsecured notes as part of exchange offers (Note 7)	$(1,554)	—	—
Issuance of senior secured notes as part of exchange offers (Note 7)	$924	—	—
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$2,234	1,251	354
Cash and cash equivalents and restricted cash included in Assets held for sale	—	44	40
Restricted cash included in Other current assets	4	—	2
Restricted cash included in Other, net noncurrent assets	10	12	13
Total	$2,248	1,307	409

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