QWEST CORP
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
CTGG$12.55-2.0%Stored close · as of Nov 10, 2026
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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 | $(831) | 1,919 | 2,107 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| Depreciation and amortization | 823 | 860 | 1,009 |
| Goodwill impairment | 2,405 | — | — |
| Deferred income taxes | 22 | 20 | 27 |
| Provision for uncollectible accounts | 66 | 60 | 27 |
| Accrued interest on affiliate note | — | 28 | 57 |
| Net loss on early retirement of debt | — | — | 8 |
| Changes in current assets and liabilities: | |||
| Accounts receivable | 20 | (68) | 36 |
| Accounts payable | 14 | (29) | (41) |
| Accrued income and other taxes | 7 | (5) | (1) |
| Other current assets and liabilities, net | (97) | (26) | (176) |
| Changes in other noncurrent assets and liabilities, net | 17 | (28) | (13) |
| Changes in affiliate obligations, net | (62) | (90) | (12) |
| Other, net | 5 | (15) | 5 |
| Net cash provided by operating activities | 2,389 | 2,626 | 3,033 |
| INVESTING ACTIVITIES | |||
| Capital expenditures | (1,062) | (849) | (797) |
| Changes in advances to affiliates | 569 | (576) | — |
| Proceeds from sale of property, plant and equipment and other assets | 27 | 76 | 46 |
| Net cash used in investing activities | (466) | (1,349) | (751) |
| FINANCING ACTIVITIES | |||
| Payment of note payable - affiliate | — | (1,215) | — |
| Payments of long-term debt | (2) | (1) | (1,186) |
| Dividends paid | (1,980) | — | (570) |
| Changes in advances from affiliates | 61 | (55) | (537) |
| Net cash used in financing activities | (1,921) | (1,271) | (2,293) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 2 | 6 | (11) |
| Cash, cash equivalents and restricted cash at beginning of period | 10 | 4 | 15 |
| Cash, cash equivalents and restricted cash at end of period | $12 | 10 | 4 |
| Supplemental cash flow information: | |||
| Income taxes paid, net | $(509) | (673) | (697) |
| Interest paid, including affiliate interest (net of capitalized interest of $54, $29 and $19) | $(97) | (113) | (188) |
| Supplemental noncash information of investing activities: | |||
| Sale of property, plant and equipment in exchange for receivable | $— | — | 56 |
| Supplemental noncash information of financing activities: | |||
| Dividend to parent in exchange for advances to affiliates | $(1,980) | — | — |
| Cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | $10 | 8 | 2 |
| Restricted cash - noncurrent | 2 | 2 | 2 |
| Total | $12 | 10 | 4 |
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