QWEST CORP
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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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.
FY2024 · Filed Feb 20, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
For the fiscal year ended December 31, 2024
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from to
Commission File No.001-03040
(Exact name of registrant as specified in its charter)
| Colorado | 84-0273800 | ||
|---|---|---|---|
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. EmployerIdentification No.) | ||
| 931 14th Street, | Denver, | Colorado | 80202 |
| (Address of principal executive offices) | (Zip Code) |
(318)388-9000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
|---|---|---|
| 6.5% Notes Due 2056 | CTBB | New York Stock Exchange |
| 6.75% Notes Due 2057 | CTDD | New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act: None
THE REGISTRANT, A WHOLLY OWNED SUBSIDIARY OF LUMEN TECHNOLOGIES, INC. (FORMERLY NAMED CENTURYLINK, INC.) MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS I(1) (a) AND (b) OF FORM 10-K AND IS THEREFORE FILING THIS FORM WITH REDUCED DISCLOSURE PURSUANT TO GENERAL INSTRUCTION I(2).
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐ No ☒
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|---|---|---|---|---|---|---|---|
| Emerging growth company | ☐ | ||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒
All of the capital stock of the registrant is held by an affiliate of the registrant. None of the registrant's capital stock is held by non-affiliates.
DOCUMENTS INCORPORATED BY REFERENCE: None.
Auditor Name: KPMG LLP Auditor Location: Denver, Colorado Auditor Firm ID:185
TABLE OF CONTENTS
| PART I | |
|---|---|
| Special Note Regarding Forward-Looking Statements | 3 |
| Item 1. Business | 5 |
| Item 1A. Risk Factors | 14 |
| Item 1B. Unresolved Staff Comments | 27 |
| Item 1C. Cybersecurity | 27 |
| Item 2. Properties | 29 |
| Item 3. Legal Proceedings | 30 |
| Item 4. Mine Safety Disclosures | 30 |
| PART II | |
| Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 31 |
| Item 6. [Reserved] | 31 |
| Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations | 31 |
| Overview | 31 |
| Results of Operations | 33 |
| Critical Accounting Policies and Estimates | 38 |
| Liquidity and Capital Resources | 40 |
| Item 7A. Quantitative and Qualitative Disclosures About Market Risk | 44 |
| Item 8. Consolidated Financial Statements and Supplementary Data | 45 |
| Consolidated Statements of Operations | 47 |
| Consolidated Balance Sheets | 48 |
| Consolidated Statements of Cash Flows | 49 |
| Consolidated Statements of Stockholder's Equity | 50 |
| Notes to Consolidated Financial Statements | 51 |
| Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 84 |
| Item 9A. Controls and Procedures | 84 |
| Item 9B. Other Information | 85 |
| Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections | 76 |
| PART III | |
| Item 10. Directors, Executive Officers and Corporate Governance | 86 |
| Item 11. Executive Compensation | 86 |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 86 |
| Item 13. Certain Relationships and Related Transactions and Director Independence | 86 |
| Item 14. Principal Accountant Fees and Services | 86 |
| PART IV | |
| Item 15. Exhibits and Financial Statement Schedules | 87 |
| Item 16. Summary Business and Financial Information | 89 |
| Signatures | 90 |
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