Level 3 Parent (LVLT) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2016	May. 04, 2016
Entity Information [Line Items]
Entity Registrant Name	LEVEL 3 COMMUNICATIONS INC
Entity Central Index Key	794,323
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		357,932,844
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue	$ 2,051	$ 2,053
Costs and Expenses:
Network access costs	694	723
Network related expenses	338	356
Depreciation and amortization	301	288
Selling, general and administrative Expenses	356	370
Total Costs and Expenses	1,689	1,737
Operating Income	362	316
Other Income (Expense):
Interest income	1	1
Interest expense	(135)	(180)
Other, net	(10)	(10)
Total Other Expense	(144)	(189)
Income Before Income Taxes	218	127
Income Tax Expense	(94)	(5)
Net Income	$ 124	$ 122
Basic Earnings per Common Share
Net Income Per Share	$ 0.35	$ 0.35
Weighted-Average Shares Outstanding (in thousands)	356,785	346,874
Diluted Earnings per Common Share
Net Income Per Share	$ 0.34	$ 0.35
Weighted-Average Shares Outstanding (in thousands)	360,339	350,832

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Income	$ 124	$ 122
Other Comprehensive Income (Loss) net of Tax:
Foreign currency translation adjustments, net of tax effect of $8 and $0	48	(141)
Defined benefit pension plan adjustments, net of tax effect of ($2) and $0	3	0
Other Comprehensive Income (Loss), Net of Tax	45	(141)
Comprehensive Income (Loss)	$ 169	$ (19)

Comprehensive Income Parentheti

Comprehensive Income Parenthetical (Parentheticals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Comprehensive Income Parenthetical [Abstract]
Foreign currency translation adjustments, tax effect	$ 8	$ 0
Defined benefit pension plan adjustments, tax effect	$ (2)	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Assets:
Cash and cash equivalents	$ 1,004	$ 854
Restricted cash and securities	837	8
Receivables, less allowances for doubtful accounts of $33 and $32, respectively	807	757
Other	141	111
Total Current Assets	2,789	1,730
Property, Plant and Equipment, net of accumulated depreciation of $10,625 and $10,365, respectively	9,974	9,878
Restricted Cash and Securities	41	42
Goodwill	7,746	7,749
Other Intangibles, net	1,074	1,127
Deferred Tax Assets	3,365	3,441
Other Assets, net	50	50
Total Assets	25,039	24,017
Liabilities and Stockholders' Equity:
Accounts payable	680	629
Current portion of long-term debt	781	15
Accrued payroll and employee benefits	146	218
Accrued interest	131	108
Current portion of deferred revenue	283	267
Other	166	179
Total Current Liabilities	2,187	1,416
Long-Term Debt, less current portion	10,870	10,866
Deferred Revenue, less current portion	1,012	977
Other Liabilities	628	632
Total Liabilities	$ 14,697	$ 13,891
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock, $.01 par value, authorized 10,000,000 shares: no shares issued or outstanding	$ 0	$ 0
Common stock, $.01 par value, authorized 433,333,333 shares in both periods; 357,005,439 issued and outstanding at March 31, 2016 and 356,374,473 issued and outstanding at December 31, 2015	4	4
Additional paid-in capital	19,689	19,642
Accumulated other comprehensive loss	(256)	(301)
Accumulated deficit	(9,095)	(9,219)
Total Stockholders’ Equity	10,342	10,126
Total Liabilities and Stockholders’ Equity	$ 25,039	$ 24,017

Consolidated Balance Sheets Par

Consolidated Balance Sheets Parentheticals (Parentheticals) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Allowance for doubtful accounts	$ 33	$ 32
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 10,625	$ 10,365
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	433,333,333	433,333,333
Common stock, shares issued	357,005,439	356,374,473
Common stock, shares outstanding	357,005,439	356,374,473

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities:
Net Income	$ 124	$ 122
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	301	288
Non-cash compensation expense attributable to stock awards	47	31
Accretion of debt discount and amortization of debt issuance costs	5	7
Accrued interest on long-term debt, net	23	22
Deferred income taxes	85	(10)
Gain on sale of property, plant and equipment and other assets	0	(1)
Other, net	(9)	21
Changes in working capital items:
Receivables	(44)	(23)
Other current assets	(35)	(19)
Accounts payable	48	(24)
Deferred revenue	46	8
Other current liabilities	(81)	(117)
Net Cash Provided by Operating Activities	510	305
Cash Flows from Investing Activities:
Capital expenditures	(297)	(254)
Increase in restricted cash and securities, net	(828)	1
Proceeds from sale of property, plant and equipment and other assets	0	1
Net Cash Used in Investing Activities	(1,125)	(252)
Cash Flows from Financing Activities:
Long-term debt borrowings, net of issuance costs	765	492
Payments on and repurchases of long-term debt and capital leases	(1)	(2)
Net Cash Provided by Financing Activities	764	490
Effect of Exchange Rates on Cash and Cash Equivalents	1	(9)
Net Change in Cash and Cash Equivalents	150	534
Cash and Cash Equivalents at Beginning of Period	854	580
Cash and Cash Equivalents at End of Period	1,004	1,114
Supplemental Disclosure of Cash Flow Information:
Cash interest paid	112	147
Income taxes paid, net of refunds	7	7
Non-cash Financing Activities:
Capital lease obligations incurred	0	1
Long-term debt conversion into equity	0	333
Accrued interest conversion into equity	$ 0	$ 10

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies (Notes)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies Description of Business Level 3 Communications, Inc. and subsidiaries (the "Company" or "Level 3") is an international facilities-based provider (that is, a provider that owns or leases a substantial portion of the plant, property and equipment necessary to provide its services) of a broad range of integrated communications services. The Company created its communications network by constructing its own assets and through a combination of purchasing other companies and purchasing or leasing facilities from others. The Company designed its network to provide communications services that employ and take advantage of rapidly improving underlying optical, Internet Protocol, computing and storage technologies. Principles of Consolidation and Basis of Presentation The Consolidated Financial Statements include the accounts of Level 3 Communications, Inc. and subsidiaries in which it has a controlling interest. All significant intercompany accounts and transactions have been eliminated. The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). As part of its consolidation policy, the Company considers its controlled subsidiaries, investments in businesses in which the Company is not the primary beneficiary or does not have effective control but has the ability to significantly influence operating and financial policies, and variable interests resulting from economic arrangements that give the Company rights to economic risks or rewards of a legal entity. The Company does not have variable interests in a variable interest entity where it is required to consolidate the entity as the primary beneficiary. Prior to October 1, 2015, the Company included the results of its wholly owned Venezuelan subsidiary in its Consolidated Financial Statements using the consolidation method of accounting. The Company’s Venezuelan subsidiary was in the Latin America segment and had total revenue of $23 million and Adjusted EBITDA of $15 million for the three months ended March 31, 2015. For more information on the Company's segments and non-GAAP measures see Note 8 - Segment Information. Venezuelan exchange control regulations have resulted in an other-than-temporary lack of exchangeability between the Venezuelan bolivar and U.S. dollar, and have restricted the Company's Venezuelan operations’ ability to pay dividends and settle intercompany obligations in U.S. dollars. The severe currency controls imposed by the Venezuelan government have significantly limited the ability to realize the benefits from earnings of the Company’s Venezuelan operations and access the resulting liquidity provided by those earnings in U.S. dollars. The Company expects that this condition will continue for the foreseeable future. Additionally, government regulations affecting the Company's ability to manage its Venezuelan subsidiary’s capital structure, purchasing, product pricing, customer invoicing and collections, and labor relations; and the current political and economic situation within Venezuela have resulted in an acute degradation in the Company's ability to make key operational decisions for its Venezuelan operations. This lack of exchangeability into U.S. dollars and the degradation in the Company's ability to control key operational decisions has resulted in a lack of control over the Company's Venezuelan subsidiary for U.S. accounting purposes. Therefore, while continuing to wholly own its Venezuelan subsidiary, the Company concluded it no longer met the accounting criteria for consolidation and deconsolidated its Venezuelan subsidiary on September 30, 2015, and began accounting for its variable interest investment in its Venezuelan operations using the cost method of accounting. The factors that led to the Company's conclusions at the end of the third quarter 2015 continued to exist through the end of the first quarter 2016. Any dividends from the Company's Venezuelan subsidiary are recorded as other income upon receipt of the cash in U.S. dollars. Prior period results have not been adjusted to reflect the deconsolidation of the Company's Venezuelan subsidiary. The accompanying Consolidated Balance Sheet as of December 31, 2015 , which was derived from audited Consolidated Financial Statements, and the unaudited interim Consolidated Financial Statements as of March 31, 2016 and for the three months ended March 31, 2016 and 2015 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by GAAP for complete financial statements. These financial statements should be read in conjunction with the Company’s audited Consolidated Financial Statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2015 . In the opinion of the Company’s management, these financial statements contain all adjustments necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the interim periods presented herein. The results of operations for an interim period are not necessarily indicative of the results of operations expected for a full fiscal year. The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during the reported period. Actual results could differ from these estimates under different assumptions or conditions and such differences could be material. Reclassifications Certain amounts in the prior year Consolidated Financial Statements and accompanying footnotes have been reclassified to conform to the current year's presentation primarily pursuant to the adoption of Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs . As of December 31, 2015, approximately $19 million of current debt issuance costs have been reclassified from other current assets to long-term debt, less current portion and approximately $109 million of non-current debt issuance costs have been reclassified from other non-current assets to long-term debt, less current portion. Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, as part of its simplification initiative, which involves several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is evaluating the effect the adoption of this standard will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (ASC Topic 842), which requires entities that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. This ASU will replace most existing leasing guidance in U.S. GAAP when it becomes effective. The new standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. Early application is permitted. The standard requires the use of a modified retrospective transition method. The Company is evaluating the effect that ASU 2016-02 will have on its Consolidated Financial Statements and related disclosures, and expects the new guidance to significantly increase the reported assets and liabilities on its Consolidated Balance Sheets. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, ASC Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its Consolidated Financial Statements and related disclosures and has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

Earnings Per Share (Notes)

Earnings Per Share (Notes)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company computes basic earnings per share by dividing net income for the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing the net income for the period by the weighted average number of shares of common stock outstanding during the period and including the dilutive effect of common stock that would be issued assuming conversion or exercise of outstanding convertible notes and stock-based compensation awards. The effect of approximately 4 million total outperform stock appreciation rights ("OSOs"), restricted stock units ("RSUs"), and performance restricted stock units ("PRSUs") outstanding at March 31, 2016 has been included in the computation of diluted earnings per share for the three months ended March 31, 2016 . The effect of approximately 4 million total OSOs and RSUs outstanding at March 31, 2015 has been included in the computation of diluted earnings per share for the three months ended March 31, 2015 . PRSUs were excluded from the computation of diluted earnings per share for the three months ended March 31, 2015, as they were contingently issuable and no shares would have been issued if this period were the end of the contingency period.

Other Intangible Assets (Notes)

Other Intangible Assets (Notes)	3 Months Ended
	Mar. 31, 2016
Acquired Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets	Other Intangible Assets Other intangible assets as of March 31, 2016 and December 31, 2015 were as follows (dollars in millions): Gross Carrying Amount Accumulated Amortization Net March 31, 2016 Finite-Lived Intangible Assets: Customer Contracts and Relationships $ 1,975 $ (977 ) $ 998 Trademarks 55 (55 ) — Patents and Developed Technology 230 (169 ) 61 2,260 (1,201 ) 1,059 Indefinite-Lived Intangible Assets: Trade Name 15 — 15 $ 2,275 $ (1,201 ) $ 1,074 December 31, 2015 Finite-Lived Intangible Assets: Customer Contracts and Relationships $ 1,975 $ (932 ) $ 1,043 Trademarks 55 (55 ) — Patents and Developed Technology 230 (161 ) 69 2,260 (1,148 ) 1,112 Indefinite-Lived Intangible Assets: Trade Name 15 — 15 $ 2,275 $ (1,148 ) $ 1,127 Finite-lived intangible asset amortization expense was $53 million for the three months ended March 31, 2016 and $56 million for the three months ended March 31, 2015 . At March 31, 2016 , the weighted average remaining useful lives of the Company's finite-lived intangible assets was 5.5 years in total; 5.6 years for customer contracts and relationships, and 3.1 years for patents and developed technology. As of March 31, 2016 , estimated amortization expense for the Company’s finite-lived intangible assets over the next five years is as follows (dollars in millions): 2016 (remaining nine months) $ 159 2017 196 2018 193 2019 181 2020 166 2021 143 Thereafter 21 $ 1,059

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Notes)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, restricted cash and securities, receivables, accounts payable, capital leases, other liabilities and long-term debt (including the current portion). The carrying values of cash and cash equivalents, restricted cash and securities, receivables, accounts payable, capital leases and other liabilities approximated their fair values at March 31, 2016 and December 31, 2015 . GAAP defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements and disclosures for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as interest and foreign exchange rates, transfer restrictions, and risk of non-performance. Fair Value Hierarchy GAAP establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value measurement of each class of assets and liabilities is dependent upon its categorization within the fair value hierarchy, based upon the lowest level of input that is significant to the fair value measurement of each class of asset and liability. GAAP establishes three levels of inputs that may be used to measure fair value: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Unadjusted quoted prices for similar assets or liabilities in active markets, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability. Level 3 — Unobservable inputs for the asset or liability. The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period. There were no transfers within the fair value hierarchy during each of the three months ended March 31, 2016 and March 31, 2015 . The table below presents the fair values for the Company’s long-term debt as well as the input levels used to determine these fair values as of March 31, 2016 and December 31, 2015 : Fair Value Measurement Using Total Carrying Value in Consolidated Balance Sheets Unadjusted Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) (dollars in millions) March 31, December 31, March 31, December 31, March 31, December 31, Liabilities Not Recorded at Fair Value in the Financial Statements: Long-term Debt, including the current portion: Term Loans $ 4,558 $ 4,556 $ 4,612 $ 4,570 $ — $ — Senior Notes 6,894 6,126 7,115 6,298 — — Capital Leases and Other 199 199 — — 199 199 Total Long-term Debt, including the current portion $ 11,651 $ 10,881 $ 11,727 $ 10,868 $ 199 $ 199 The Company does not have any assets or liabilities where the fair value is measured using significant unobservable inputs (Level 3). Term Loans The fair value of the Term Loans referenced above was approximately $4.6 billion at both March 31, 2016 and December 31, 2015 . The fair value of each loan is based on quoted prices for identical terms and maturities. Each loan tranche is actively traded. Senior Notes The fair value of the Senior Notes referenced above was approximately $7.1 billion at March 31, 2016 and $6.3 billion at December 31, 2015 , respectively, based on quoted prices for identical terms and maturities. Each series of notes is actively traded. Capital Leases The fair value of the Company's capital leases was determined by discounting anticipated future cash flows derived from the contractual terms of the obligations and observable market interest and foreign exchange rates.

Long-Term Debt (Notes)

Long-Term Debt (Notes)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-term Debt	Long-Term Debt The following table summarizes the Company’s long-term debt (amounts in millions): Date of March 31, 2016 December 31, 2015 Issuance/Amendment Maturity Interest Payments Interest Rate Amount Amount Senior Secured Term Loans: Borrowed by Level 3 Financing, Inc. Tranche B-III 2019 Term Loan (1)(4) Aug 2013 Aug 2019 Quarterly LIBOR +3.00% $ 815 $ 815 Tranche B 2020 Term Loan (1)(4) Oct 2013 Jan 2020 Quarterly LIBOR +3.00% 1,796 1,796 Tranche B-II 2022 Term Loan (1)(4) May 2015 May 2022 Quarterly LIBOR +2.75% 2,000 2,000 Senior Notes: Issued by Level 3 Financing, Inc. Floating Rate Senior Notes due 2018 (2)(4) Nov 2013 Jan 2018 May/Nov 6-Month LIBOR +3.50% 300 300 7% Senior Notes due 2020 (2)(5) Aug 2012 Jun 2020 Jun/Dec 7.000% 775 775 6.125% Senior Notes due 2021 (2) Nov 2013 Jan 2021 Apr/Oct 6.125% 640 640 5.375% Senior Notes due 2022 (2) Aug 2014 Aug 2022 May/Nov 5.375% 1,000 1,000 5.625% Senior Notes due 2023 (2) Jan 2015 Feb 2023 Jun/Dec 5.625% 500 500 5.125% Senior Notes due 2023 (2) Apr 2015 May 2023 Mar/Sept 5.125% 700 700 5.375% Senior Notes due 2025 (2) Apr 2015 May 2025 Mar/Sept 5.375% 800 800 5.375% Senior Notes due 2024 (2) Nov 2015 Jan 2024 Jan/Jul 5.375% 900 900 5.25% Senior Notes due 2026 (6) Mar 2016 Mar 2026 Apr/Oct 5.250% 775 — Issued by Level 3 Communications, Inc. 5.75% Senior Notes due 2022 (3) Dec 2014 Dec 2022 Mar/Sept 5.750% 600 600 Capital Leases 199 199 Total Debt Obligations 11,800 11,025 Unamortized discounts (15 ) (16 ) Unamortized debt issuance costs (134 ) (128 ) Current portion of long-term debt (781 ) (15 ) Total Long-Term Debt $ 10,870 $ 10,866 (1) The term loans are secured obligations and guaranteed by the Company and Level 3 Communications, LLC and certain other subsidiaries. (2) The notes are fully and unconditionally guaranteed on an unsubordinated unsecured basis by the Company and Level 3 Communications, LLC. (3) The notes were not guaranteed by any of the Company’s subsidiaries. (4) The Tranche B-III 2019 Term Loan and the Tranche B 2020 Term Loan each had an interest rate of 4.000% as of March 31, 2016 and December 31, 2015 . The Tranche B-II 2022 Term Loan had an interest rate of 3.500% as of March 31, 2016 and December 31, 2015 . The Floating Rate Senior Notes due 2018 had an interest rate of 4.101% as of March 31, 2016 and December 31, 2015 . The interest rate on the Tranche B-III 2019 Term Loan, and the Tranche B 2020 Term Loan are set with a minimum LIBOR of 1.00% , and the Tranche B-II 2022 Term Loan is set with a minimum LIBOR of 0.75% . (5) The 7% Senior Notes due 2020 were redeemed on April 21, 2016 as discussed below. (6) The notes are fully and unconditionally guaranteed on a unsubordinated unsecured basis by the Company. Senior Secured Term Loans As of March 31, 2016 , Level 3 Financing, Inc., the Company's direct wholly owned subsidiary ("Level 3 Financing") had a senior secured credit facility consisting of $815 million Tranche B-III Term Loan due 2019, $1.796 billion Tranche B Term Loan due 2020 and $2 billion Tranche B-II Term Loan due 2022. Senior Notes All of the notes pay interest semiannually, and allow for the redemption of the notes at the option of the issuer upon not less than 30 or more than 60 days’ prior notice by paying the greater of 101% of the principal amount or a “make-whole” amount, plus accrued interest. In addition, the notes also have a provision that allows for an additional right of optional redemption using cash proceeds received from the sale of equity securities. For specific details of these features and requirements, including the applicable premiums and timing, refer to the indentures for the respective senior notes in connection with the original issuances. 7% Senior Notes due 2020 and 5.25% Senior Notes due 2026 On March 22, 2016, Level 3 Financing issued $775 million in aggregate principal amount of its 5.25% Senior Notes due 2026 (the “5.25% Senior Notes due 2026”). The 5.25% Senior Notes due 2026 are fully and unconditionally guaranteed on an unsubordinated unsecured basis by the Company. In addition, each of Level 3 Communications, Inc. and Level 3 Financing has agreed to endeavor in good faith using commercially reasonable efforts to cause Level 3 Communications, LLC to obtain all material governmental authorizations and consents required in order for it to guarantee the 5.25% Senior Notes due 2026 at the earliest practicable date and to enter into a guarantee of the 5.25% Senior Notes due 2026 promptly thereafter. The 5.25% Senior Notes due 2026 were not originally registered under the Securities Act of 1933, as amended. A registration rights agreement with respect to these notes became effective as of March 22, 2016. On April 21, 2016, all of the outstanding principal amount of the 7% Senior Notes Due 2020 was redeemed at a redemption price equal to 104.138% of the principal amount, along with accrued and unpaid interest to but excluding the redemption date. To fund the redemption of these notes, Level 3 Financing used the net proceeds, along with cash on hand, from the March 22, 2016 issuance of its 5.25% Senior Notes due 2026. The net proceeds, along with cash on hand totaling $828 million were in Restricted Cash and Securities on the Consolidated Balance Sheet as of March 31, 2016. The Company will recognize a loss on modification and extinguishment of debt of approximately $40 million in Other Expense in the second quarter of 2016 as a result of the redemption of the 7% Senior Notes due 2020. Capital Leases As of March 31, 2016 , the Company had $199 million of capital leases. The Company leases property, equipment, certain dark fiber facilities and metro fiber under non-cancelable IRU agreements that are accounted for as capital leases. The average interest rate on these capital leases approximated 5.8% as of March 31, 2016 . Covenant Compliance At March 31, 2016 and December 31, 2015 , the Company was in compliance with the financial covenants on all outstanding debt issuances. Long-Term Debt Maturities Aggregate future contractual maturities of long-term debt and capital leases (excluding discounts and debt issuance costs) were as follows as of March 31, 2016 (dollars in millions): 2016 (remaining nine months) $ 789 2017 7 2018 307 2019 822 2020 1,804 2021 10 Thereafter 8,061 $ 11,800

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss (Notes)	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income (Loss) Note [Text Block]	Accumulated Other Comprehensive Loss The accumulated balances for each classification of other comprehensive income (loss) were as follows: (dollars in millions) Net Foreign Currency Translation Adjustment Defined Benefit Pension Plans Total Balance at December 31, 2014 $ (111 ) $ (36 ) $ (147 ) Other comprehensive loss before reclassifications (141 ) — (141 ) Amounts reclassified from accumulated other comprehensive loss — — — Balance at March 31, 2015 $ (252 ) $ (36 ) $ (288 ) Balance at December 31, 2015 $ (273 ) $ (28 ) $ (301 ) Other comprehensive income (loss) before reclassifications 48 (2 ) 46 Amounts reclassified from accumulated other comprehensive loss — (1 ) (1 ) Balance at March 31, 2016 $ (225 ) $ (31 ) $ (256 )

Stock-Based Compensation (Notes

Stock-Based Compensation (Notes)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement and Compensation Related Costs, Share-based Payments Disclosure [Abstract]
Stock-Based Compensation	Stock-Based Compensation The following table summarizes non-cash compensation expense attributable to stock-based awards for the three months ended March 31, 2016 and 2015 (dollars in millions): Three Months Ended March 31, 2016 2015 Outperform Stock Appreciation Rights $ 1 $ 2 Restricted Stock Units 21 11 Performance Restricted Stock Units 14 5 401(k) Match Expense 11 13 $ 47 $ 31 As of March 31, 2016 , there were less than 1 million OSOs outstanding, and approximately 5 million total restricted stock and performance restricted stock units outstanding.

Segment Information (Notes)

Segment Information (Notes)	3 Months Ended
	Mar. 31, 2016
Segment Reporting Information [Line Items]
Segment Reporting Disclosure [Text Block]	Segment Information Operating segments are defined under GAAP as components of an enterprise for which separate financial information is available and evaluated regularly by the Company's chief operating decision maker ("CODM") in deciding how to allocate resources and assess performance. The Company's reportable segments consist of 1) North America, 2) Europe, the Middle East and Africa (EMEA) and 3) Latin America. Other separate business interests that are not segments include interest, certain corporate assets and overhead costs, and certain other general and administrative costs that are not allocated to any of the operating segments. The CODM measures and evaluates segment performance primarily based upon revenue, revenue growth and Adjusted EBITDA. Adjusted EBITDA, as defined by the Company, is equal to net income (loss) from the Consolidated Statements of Income before (1) income tax benefit (expense), (2) total other income (expense), (3) non-cash impairment charges included within selling, general and administrative expenses and network related expenses, (4) depreciation and amortization expense, and (5) non-cash stock-based compensation expense included within selling, general and administrative expenses and network related expenses. Adjusted EBITDA is not a measurement under GAAP and may not be used in the same way by other companies. Management believes that Adjusted EBITDA is an important part of the Company's internal reporting and is a key measure used by management to evaluate profitability and operating performance of the Company and to make resource allocation decisions. Management believes such measurement is especially important in a capital-intensive industry such as telecommunications. Management also uses Adjusted EBITDA to compare the Company's performance to that of its competitors and to eliminate certain non-cash and non-operating items in order to consistently measure from period to period its ability to fund capital expenditures, fund growth, service debt and determine bonuses. Adjusted EBITDA excludes non-cash impairment charges and non-cash stock-based compensation expense because of the non-cash nature of these items. Adjusted EBITDA also excludes interest income, interest expense and income tax expense because these items are associated with the Company's capitalization and tax structures. Adjusted EBITDA also excludes depreciation and amortization expense because these non-cash expenses reflect the effect of capital investments which management believes are better evaluated through cash flow measures. Adjusted EBITDA excludes net other income (expense) because these items are not related to the primary operations of the Company. There are limitations to using non-GAAP financial measures such as Adjusted EBITDA, including the difficulty associated with comparing companies that use similar performance measures whose calculations may differ from the Company's calculations. Additionally, this financial measure does not include certain significant items such as interest income, interest expense, income tax benefit (expense), depreciation and amortization expense, non-cash impairment charges, non-cash stock-based compensation expense, and net other income (expense). Adjusted EBITDA should not be considered a substitute for other measures of financial performance reported in accordance with GAAP. The following table presents revenue by segment: Three Months Ended (dollars in millions) March 31, 2016 March 31, 2015 Core Network Services Revenue: North America $ 1,601 $ 1,535 EMEA 191 207 Latin America 155 185 Total Core Network Services Revenue 1,947 1,927 Wholesale Voice Services Revenue: North America 99 118 EMEA 3 4 Latin America 2 4 Total Wholesale Voice Services Revenue 104 126 Total Revenue $ 2,051 $ 2,053 The following table presents Adjusted EBITDA by segment and reconciles Adjusted EBITDA to net income: Three Months Ended (dollars in millions) March 31, 2016 March 31, 2015 Adjusted EBITDA: North America $ 812 $ 740 EMEA 54 56 Latin America 74 80 Unallocated Corporate Expenses (230 ) (241 ) Adjusted EBITDA 710 635 Income Tax Expense (94 ) (5 ) Total Other Expense (144 ) (189 ) Depreciation and Amortization (301 ) (288 ) Non-Cash Stock Compensation Attributable to Stock Awards (47 ) (31 ) Net Income $ 124 $ 122 The following table presents capital expenditures by segment and reconciles capital expenditures by segment to total capital expenditures: Three Months Ended (dollars in millions) March 31, 2016 March 31, 2015 Capital Expenditures: North America $ 195 $ 167 EMEA 39 28 Latin America 23 28 Unallocated Corporate Capital Expenditures 40 31 Total Capital Expenditures $ 297 $ 254 The following table presents total assets by segment: (dollars in millions) March 31, 2016 December 31, 2015 Assets: North America $ 20,940 $ 19,961 EMEA 1,798 1,796 Latin America 2,173 2,131 Other 128 129 Total Assets $ 25,039 $ 24,017 The changes in the carrying amount of goodwill by segment during the three months ended March 31, 2016 were as follows (in millions): North America EMEA Latin America Total Balance at December 31, 2015 $ 7,024 $ 129 $ 596 $ 7,749 Effect of foreign currency rate change — (3 ) — (3 ) Balance at March 31, 2016 $ 7,024 $ 126 $ 596 $ 7,746 There were no events or changes in circumstances during the first three months of 2016 that indicated the carrying value of goodwill may not be recoverable.

Commitments, Contingencies and

Commitments, Contingencies and Other Items (Notes)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Other Items	Commitments, Contingencies and Other Items The Company is subject to various legal proceedings and other contingent liabilities that individually or in the aggregate could materially affect its financial condition, future results of operations or cash flows. Amounts accrued for such contingencies aggregate to $120 million and are included in “Other” current liabilities and “Other Liabilities” in the Company's Consolidated Balance Sheet at March 31, 2016 . The establishment of an accrual does not mean that actual funds have been set aside to satisfy a given contingency. Thus, the resolution of a particular contingency for the amount accrued would have no effect on the Company's results of operations but could materially adversely affect its cash flows for the affected period. The Company reviews its accruals at least quarterly and adjusts them to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular matter. Below is a description of material legal proceedings and other contingencies pending at March 31, 2016 . Although the Company believes it has accrued for these matters in accordance with the accounting guidance for contingencies, contingencies are inherently unpredictable and it is possible that results of operations or cash flows could be materially and adversely affected in any particular period by unfavorable developments in, or resolution or disposition of, one or more of these matters. For those contingencies in respect of which the Company believes that it is reasonably possible that a loss may result that is materially in excess of the accrual (if any) established for the matter, the Company has either provided an estimate of such possible loss or range of loss or included a statement that such an estimate cannot be made. In addition to the contingencies described below, the Company is party to many other legal proceedings and contingencies, the resolution of which is not expected to materially affect its financial condition or future results of operations beyond the amounts accrued. Rights-of-Way Litigation The Company is party to a number of purported class action lawsuits involving its right to install fiber optic cable network in railroad right-of-ways adjacent to plaintiffs' land. In general, the Company obtained the rights to construct its networks from railroads, utilities, and others, and has installed its networks along the rights-of-way so granted. Plaintiffs in the purported class actions assert that they are the owners of lands over which the fiber optic cable networks pass, and that the railroads, utilities and others who granted the Company the right to construct and maintain its network did not have the legal authority to do so. The complaints seek damages on theories of trespass, unjust enrichment and slander of title and property, as well as punitive damages. The Company has also received, and may in the future receive, claims and demands related to rights-of-way issues similar to the issues in these cases that may be based on similar or different legal theories. The Company has defeated motions for class certification in a number of these actions but expects that, absent settlement of these actions, plaintiffs in the pending lawsuits will continue to seek certification of statewide or multi-state classes. The only lawsuit in which a class was certified against the Company, absent an agreed upon settlement, occurred in Koyle, et. al. v. Level 3 Communications, Inc., et. al., a purported two state class action filed in the United States District Court for the District of Idaho. The Koyle lawsuit has been dismissed pursuant to a settlement reached in November 2010 as described further below. The Company negotiated a series of class settlements affecting all persons who own or owned land next to or near railroad rights of way in which it has installed its fiber optic cable networks. The United States District Court for the District of Massachusetts in Kingsborough v. Sprint Communications Co. L.P. granted preliminary approval of the proposed settlement; however, on September 10, 2009, the court denied a motion for final approval of the settlement on the basis that the court lacked subject matter jurisdiction and dismissed the case. In November 2010, the Company negotiated revised settlement terms for a series of state class settlements affecting all persons who own or owned land next to or near railroad rights of way in which the Company has installed its fiber optic cable networks. The Company is currently pursuing presentment of the settlement in applicable jurisdictions. The settlements, affecting current and former landowners, have received final federal court approval in the vast majority of applicable states and the parties are actively engaged in, or have completed, the claims process for those states, including payment of claims. The Company continues to seek approval in the remaining two states. Management believes that the Company has substantial defenses to the claims asserted in all of these actions and intends to defend them vigorously if a satisfactory settlement is not ultimately approved for all affected landowners. Peruvian Tax Litigation Beginning in 2005, one of the Company's Peruvian subsidiaries received a number of assessments for tax, penalties and interest for calendar years 2001 and 2002. Peruvian tax authorities ("SUNAT") took the position that the Peruvian subsidiary incorrectly documented its importations resulting in additional income tax withholding and value-added taxes ("VAT"). The total amount of the asserted claims, including potential interest and penalties, was $26 million , consisting of $3 million for income tax withholding in connection with the import of services for calendar years 2001 and 2002, $7 million for VAT in connection with the import of services for calendar years 2001 and 2002, and $16 million in connection with the disallowance of VAT credits for periods beginning in 2005. After taking into account the developments described below, as well as the accrued interest and foreign exchange effects, the total amount of exposure is $31 million at March 31, 2016 . The Company challenged the tax assessments during 2005 by filing administrative claims before SUNAT. During August 2006 and June 2007, SUNAT rejected the Company's administrative claims, thereby confirming the assessments. Appeals were filed in September 2006 and July 2007 with the Tribunal Fiscal, the highest level of administrative review, which is not part of the Peru judiciary (the "Tribunal"). The 2001 and 2002 assessed withholding tax assessments were resolved in favor of the Company in separate administrative resolutions; however, the penalties with respect to withholding tax remain at issue in the administrative appeals. In October 2011, the Tribunal issued its administrative resolution with respect to the calendar year 2002 tax period regarding VAT, associated penalties and penalties associated with withholding taxes, deciding the central issue underlying the assessments in the government's favor, while confirming the assessment in part and denying a portion of the assessment on procedural grounds. The Company appealed the Tribunal's October 2011 administrative resolutions to the judicial court in Peru. In September 2014, the first judicial court rendered a decision largely in the Company’s favor on the central issue underlying the assessments. SUNAT appealed the court’s decision to the next judicial level. The court of appeal remanded the case to the first judicial court for further development of the facts and legal analysis supporting its decision. In April 2016, the first judicial level rendered a decision in the Company’s favor on the central issue underlying the assessments. In October 2013, the Tribunal notified the Company of its July 2013 administrative resolution with respect to the calendar year 2001 tax period regarding VAT, associated penalties and penalties associated with withholding taxes, determining the central issue underlying the assessments in the government's favor, while confirming the assessment in part and denying a portion of the assessment on procedural grounds. The Company appealed the Tribunal's July 2013 administrative resolutions to the judicial court in Peru. In April 2015, the first judicial court rendered a decision largely in SUNAT’s favor on the central issue underlying the assessments. The Company has appealed the court’s decision to the next judicial level. In April 2016, the court of appeal rendered a decision that declared null the April 2015 decision and remanded the case to the first judicial court for further development of the facts and legal analysis supporting its decision. In December 2013, SUNAT initiated an audit of calendar year 2001. In June 2014, the Company was served with SUNAT’s assessments of the 2001 VAT credits declared null by the Tribunal and the corresponding fine. In July 2014, the Company challenged these assessments by filing administrative claims before SUNAT. In January 2015, SUNAT rejected the administrative claims, thereby confirming the assessments. The Company filed an appeal with the Tribunal in February 2015. In May 2015, the Tribunal notified the Company of its administrative resolution declaring the assessments and corresponding fines null. The time for SUNAT to appeal this resolution has closed. Under local practice, notification of an appeal can take several months. Counsel confirmed in the first quarter of 2016 that SUNAT has not filed an appeal to the resolution. Nevertheless, SUNAT retains the right to reissue the assessments declared null or start a new audit. However, the Company is under no obligation to provide additional information and any fine issued by SUNAT based on the same information that it has already used in the past would be declared null. Accordingly, in March 2016, the Company released an accrual of approximately $15 million for an assessment and associated interest. Employee Severance and Contractor Termination Disputes A number of former employees and third-party contractors have asserted a variety of claims in litigation against certain Latin American subsidiaries of the Company for separation pay, severance, commissions, pension benefits, unpaid vacation pay, breach of employment contracts, unpaid performance bonuses, property damages, moral damages and related statutory penalties, fines, costs and expenses (including accrued interest, attorneys fees and statutorily mandated inflation adjustments) as a result of their separation from the Company or termination of service relationships. The Company is vigorously defending itself against the asserted claims, which aggregate to approximately $42 million at March 31, 2016 . Brazilian Tax Claims In December 2004, March 2009, April 2009 and July 2014, the São Paulo state tax authorities issued tax assessments against one of the Company's Brazilian subsidiaries for the Tax on Distribution of Goods and Services (“ICMS”) with respect to revenue from leasing movable properties (in the case of the December 2004, March 2009 and July 2014 assessments) and revenue from the provision of Internet access services (in the case of the April 2009 and July 2014 assessments), by treating such activities as the provision of communications services, to which the ICMS tax applies. During the third quarter of 2014, the Company released an accrual of $6 million for tax, penalty and associated interest corresponding to the ICMS applicable on the provision of Internet access services due to the expiration of the statute of limitations for the January 2008 to June 2009 tax periods. In September 2002, July 2009 and May 2012, the Rio de Janeiro state tax authorities issued tax assessments to the same Brazilian subsidiary on similar issues. The Company has filed objections to these assessments, arguing that the lease of assets and the provision of Internet access are not communication services subject to ICMS. The objections to the September 2002, December 2004 and March 2009 assessments were rejected by the respective state administrative courts, and the Company has appealed those decisions to the judicial courts. In October 2012 and June 2014, the Company received favorable rulings from the lower court on the December 2004 and March 2009 assessments regarding equipment leasing, but those rulings are subject to appeal by the state. No ruling has been obtained with respect to the September 2002 assessment. The objections to the April and July 2009 and May 2012 assessments are still pending final administrative decisions. The July 2014 assessment was confirmed during the fourth quarter of 2014 at the first administrative level and the Company appealed this decision to the second administrative level. During the fourth quarter of 2014, the Company entered into an amnesty with the Rio de Janeiro state tax authorities with respect to potential ICMS liability for the 2008 tax period. As a result, the Company paid $5 million and released an accrual of $3 million of tax corresponding to the ICMS applicable on the provision of Internet access services. The Company is vigorously contesting all such assessments in both states, and in particular, views the assessment of ICMS on revenue from leasing movable properties to be without merit. Nevertheless, the Company believes that it is reasonably possible that these assessments could result in a loss of up to $47 million at March 31, 2016 in excess of the accruals established for these matters. Letters of Credit It is customary for Level 3 to use various financial instruments in the normal course of business. These instruments include letters of credit. Letters of credit are conditional commitments issued on behalf of Level 3 in accordance with specified terms and conditions. As of March 31, 2016 and December 31, 2015 , Level 3 had outstanding letters of credit or other similar obligations of approximately $48 million and $46 million , respectively, of which $42 million and $43 million are collateralized by cash that is reflected on the Consolidated Balance Sheets as restricted cash and securities. The Company does not believe exposure to loss related to its letters of credit is material.

Condensed Consolidating Financi

Condensed Consolidating Financial Information (Notes)	3 Months Ended
	Mar. 31, 2016
Condensed Consolidating Financial Information [Abstract]
Condensed Consolidating Financial Information	Condensed Consolidating Financial Information Level 3 Financing, Inc., a wholly owned subsidiary of the Company, has issued senior notes that are unsecured obligations of Level 3 Financing, Inc.; however, they are also fully and unconditionally and jointly and severally guaranteed on an unsecured senior basis by Level 3 Communications, Inc. and Level 3 Communications, LLC. In conjunction with the registration of the senior notes, the accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X Rule 3-10 “Financial statements of guarantors and affiliates whose securities collateralize an issue registered or being registered.” The operating activities of the separate legal entities included in the Company’s Consolidated Financial Statements are interdependent. The accompanying condensed consolidating financial information presents the results of operations, financial position and cash flows of each legal entity and, on an aggregate basis, the other non-guarantor subsidiaries based on amounts incurred by such entities, and is not intended to present the operating results of those legal entities on a stand-alone basis. Level 3 Communications, LLC leases equipment and certain facilities from other wholly owned subsidiaries of Level 3 Communications, Inc. These transactions are eliminated in the consolidated results of the Company. Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended March 31, 2016 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Revenue $ — $ — $ 866 $ 1,219 $ (34 ) $ 2,051 Costs and Expense: Network Access Costs — — 320 408 (34 ) 694 Network Related Expenses — — 237 101 — 338 Depreciation and Amortization — — 88 213 — 301 Selling, General and Administrative Expenses 1 1 250 104 — 356 Total Costs and Expenses 1 1 895 826 (34 ) 1,689 Operating Income (Loss) (1 ) (1 ) (29 ) 393 — 362 Other Income (Expense): Interest Income — — — 1 — 1 Interest expense (9 ) (128 ) (1 ) 3 — (135 ) Interest income (expense) affiliates, net 342 531 (801 ) (72 ) — — Equity in net earnings (losses) of subsidiaries (212 ) (541 ) 199 — 554 — Other, net — — 2 (12 ) — (10 ) Total Other Income (Expense) 121 (138 ) (601 ) (80 ) 554 (144 ) Income (Loss) before Income Taxes 120 (139 ) (630 ) 313 554 218 Income Tax (Benefit) Expense 4 (73 ) (1 ) (24 ) — (94 ) Net Income (Loss) 124 (212 ) (631 ) 289 554 124 Other Comprehensive Income (Loss), Net of Income Taxes 45 — — 45 (45 ) 45 Comprehensive Income (Loss) $ 169 $ (212 ) $ (631 ) $ 334 $ 509 $ 169 Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended March 31, 2015 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Revenue $ — $ — $ 818 $ 1,287 $ (52 ) $ 2,053 Costs and Expense: Network Access Costs — — 320 455 (52 ) 723 Network Related Expenses — — 230 126 — 356 Depreciation and Amortization — — 74 214 — 288 Selling, General and Administrative Expenses 1 — 247 122 — 370 Total Costs and Expenses 1 — 871 917 (52 ) 1,737 Operating (Loss) Income (1 ) — (53 ) 370 — 316 Other Income (Expense): Interest income — — — 1 — 1 Interest expense (19 ) (155 ) (1 ) (5 ) — (180 ) Interest income (expense) affiliates, net 333 501 (766 ) (68 ) — — Equity in net earnings (losses) of subsidiaries (191 ) (536 ) 177 — 550 — Other, net — — 2 (12 ) — (10 ) Total Other Income (Expense) 123 (190 ) (588 ) (84 ) 550 (189 ) Income (Loss) before Income Taxes 122 (190 ) (641 ) 286 550 127 Income Tax Expense — (1 ) — (4 ) — (5 ) Net Income (Loss) 122 (191 ) (641 ) 282 550 122 Other Comprehensive Income (Loss), Net of Income Taxes (141 ) — — (141 ) 141 (141 ) Comprehensive Income (Loss) $ (19 ) $ (191 ) $ (641 ) $ 141 $ 691 $ (19 ) Condensed Consolidating Balance Sheets March 31, 2016 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Assets Current Assets: Cash and cash equivalents $ 12 $ 6 $ 886 $ 100 $ — $ 1,004 Restricted cash and securities — 829 1 7 — 837 Receivables, less allowances for doubtful accounts — — 48 759 — 807 Due from affiliates 12,778 23,210 — 2,211 (38,199 ) — Other — — 86 55 — 141 Total Current Assets 12,790 24,045 1,021 3,132 (38,199 ) 2,789 Property, Plant, and Equipment, net — — 3,528 6,446 — 9,974 Restricted Cash and Securities 27 — 13 1 — 41 Goodwill and Other Intangibles, net — — 360 8,460 — 8,820 Investment in Subsidiaries 16,800 17,709 3,730 — (38,239 ) — Deferred Tax Assets 42 2,775 — 548 — 3,365 Other Assets, net — — 12 38 — 50 Total Assets $ 29,659 $ 44,529 $ 8,664 $ 18,625 $ (76,438 ) $ 25,039 Liabilities and Stockholders' Equity (Deficit) Current Liabilities: Accounts payable $ — $ 2 $ 297 $ 381 $ — $ 680 Current portion of long-term debt — 766 2 13 — 781 Accrued payroll and employee benefits — — 103 43 — 146 Accrued interest 3 120 — 8 — 131 Current portion of deferred revenue — — 117 166 — 283 Due to affiliates — — 38,199 — (38,199 ) — Other — — 121 45 — 166 Total Current Liabilities 3 888 38,839 656 (38,199 ) 2,187 Long-Term Debt, less current portion 591 10,094 14 171 — 10,870 Deferred Revenue, less current portion — — 708 304 — 1,012 Other Liabilities 15 — 135 478 — 628 Commitments and Contingencies Stockholders' Equity (Deficit) 29,050 33,547 (31,032 ) 17,016 (38,239 ) 10,342 Total Liabilities and Stockholders' Equity (Deficit) $ 29,659 $ 44,529 $ 8,664 $ 18,625 $ (76,438 ) $ 25,039 Condensed Consolidating Balance Sheets December 31, 2015 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Assets Current Assets: Cash and cash equivalents $ 12 $ 6 $ 727 $ 109 $ — $ 854 Restricted cash and securities — — 1 7 — 8 Receivables, less allowances for doubtful accounts — — 47 710 — 757 Due from affiliates 12,415 22,759 — 2,816 (37,990 ) — Other — — 56 55 — 111 Total Current Assets 12,427 22,765 831 3,697 (37,990 ) 1,730 Property, Plant, and Equipment, net — — 3,423 6,455 — 9,878 Restricted Cash and Securities 27 — 14 1 — 42 Goodwill and Other Intangibles, net — — 363 8,513 — 8,876 Investment in Subsidiaries 16,772 17,714 3,734 — (38,220 ) — Deferred Tax Assets 38 2,847 — 556 — 3,441 Other Assets, net — — 12 38 — 50 Total Assets $ 29,264 $ 43,326 $ 8,377 $ 19,260 $ (76,210 ) $ 24,017 Liabilities and Stockholders' Equity (Deficit) Current Liabilities: Accounts payable $ — $ 1 $ 195 $ 433 $ — $ 629 Current portion of long-term debt — — 2 13 — 15 Accrued payroll and employee benefits — — 186 32 — 218 Accrued interest 11 90 — 7 — 108 Current portion of deferred revenue — — 119 148 — 267 Due to affiliates — — 37,990 — (37,990 ) — Other — — 115 64 — 179 Total Current Liabilities 11 91 38,607 697 (37,990 ) 1,416 Long-Term Debt, less current portion 591 10,092 15 168 — 10,866 Deferred Revenue, less current portion — — 680 297 — 977 Other Liabilities 15 — 133 484 — 632 Commitments and Contingencies Stockholders' Equity (Deficit) 28,647 33,143 (31,058 ) 17,614 (38,220 ) 10,126 Total Liabilities and Stockholders' Equity (Deficit) $ 29,264 $ 43,326 $ 8,377 $ 19,260 $ (76,210 ) $ 24,017 Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2016 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Net Cash Provided by (Used in) Operating Activities $ (17 ) $ (92 ) $ 130 $ 489 $ — $ 510 Cash Flows from Investing Activities: Capital Expenditures — — (159 ) (138 ) — (297 ) (Increase) decrease in restricted cash and securities, net — (829 ) 1 — — (828 ) Net Cash Used in Investing Activities — (829 ) (158 ) (138 ) — (1,125 ) Cash Flows from Financing Activities: Long-term debt borrowings, net of issuance costs — 765 — — — 765 Payments on and repurchases of long-term debt and capital leases — — — (1 ) — (1 ) Increase (decrease) due from/to affiliates, net 17 156 187 (360 ) — — Net Cash Provided by (Used in) Financing Activities 17 921 187 (361 ) — 764 Effect of Exchange Rates on Cash and Cash Equivalents — — — 1 — 1 Net Change in Cash and Cash Equivalents — — 159 (9 ) — 150 Cash and Cash Equivalents at Beginning of Period 12 6 727 109 — 854 Cash and Cash Equivalents at End of Period $ 12 $ 6 $ 886 $ 100 $ — $ 1,004 Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2015 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Net Cash Provided by (Used in) Operating Activities $ (7 ) $ (137 ) $ (82 ) $ 531 $ — $ 305 Cash Flows from Investing Activities: Capital Expenditures — — (77 ) (177 ) — (254 ) Decrease in restricted cash and securities, net — — 1 — — 1 Proceeds from sale of property, plant and equipment and other assets — — — 1 — 1 Net Cash Used in Investing Activities — — (76 ) (176 ) — (252 ) Cash Flows from Financing Activities: Long-term debt borrowings, net of issuance costs — 492 — — — 492 Payments on and repurchases of long-term debt and capital leases — — — (2 ) — (2 ) Increase (decrease) due from/to affiliates, net 14 (355 ) 692 (351 ) — — Net Cash Provided by (Used in) Financing Activities 14 137 692 (353 ) — 490 Effect of Exchange Rates on Cash and Cash Equivalents — — — (9 ) — (9 ) Net Change in Cash and Cash Equivalents 7 — 534 (7 ) — 534 Cash and Cash Equivalents at Beginning of Period 7 5 307 261 — 580 Cash and Cash Equivalents at End of Period $ 14 $ 5 $ 841 $ 254 $ — $ 1,114

Organization and Summary of S18

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Description of Business	Description of Business Level 3 Communications, Inc. and subsidiaries (the "Company" or "Level 3") is an international facilities-based provider (that is, a provider that owns or leases a substantial portion of the plant, property and equipment necessary to provide its services) of a broad range of integrated communications services. The Company created its communications network by constructing its own assets and through a combination of purchasing other companies and purchasing or leasing facilities from others. The Company designed its network to provide communications services that employ and take advantage of rapidly improving underlying optical, Internet Protocol, computing and storage technologies.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The Consolidated Financial Statements include the accounts of Level 3 Communications, Inc. and subsidiaries in which it has a controlling interest. All significant intercompany accounts and transactions have been eliminated. The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). As part of its consolidation policy, the Company considers its controlled subsidiaries, investments in businesses in which the Company is not the primary beneficiary or does not have effective control but has the ability to significantly influence operating and financial policies, and variable interests resulting from economic arrangements that give the Company rights to economic risks or rewards of a legal entity. The Company does not have variable interests in a variable interest entity where it is required to consolidate the entity as the primary beneficiary. Prior to October 1, 2015, the Company included the results of its wholly owned Venezuelan subsidiary in its Consolidated Financial Statements using the consolidation method of accounting. The Company’s Venezuelan subsidiary was in the Latin America segment and had total revenue of $23 million and Adjusted EBITDA of $15 million for the three months ended March 31, 2015. For more information on the Company's segments and non-GAAP measures see Note 8 - Segment Information. Venezuelan exchange control regulations have resulted in an other-than-temporary lack of exchangeability between the Venezuelan bolivar and U.S. dollar, and have restricted the Company's Venezuelan operations’ ability to pay dividends and settle intercompany obligations in U.S. dollars. The severe currency controls imposed by the Venezuelan government have significantly limited the ability to realize the benefits from earnings of the Company’s Venezuelan operations and access the resulting liquidity provided by those earnings in U.S. dollars. The Company expects that this condition will continue for the foreseeable future. Additionally, government regulations affecting the Company's ability to manage its Venezuelan subsidiary’s capital structure, purchasing, product pricing, customer invoicing and collections, and labor relations; and the current political and economic situation within Venezuela have resulted in an acute degradation in the Company's ability to make key operational decisions for its Venezuelan operations. This lack of exchangeability into U.S. dollars and the degradation in the Company's ability to control key operational decisions has resulted in a lack of control over the Company's Venezuelan subsidiary for U.S. accounting purposes. Therefore, while continuing to wholly own its Venezuelan subsidiary, the Company concluded it no longer met the accounting criteria for consolidation and deconsolidated its Venezuelan subsidiary on September 30, 2015, and began accounting for its variable interest investment in its Venezuelan operations using the cost method of accounting. The factors that led to the Company's conclusions at the end of the third quarter 2015 continued to exist through the end of the first quarter 2016. Any dividends from the Company's Venezuelan subsidiary are recorded as other income upon receipt of the cash in U.S. dollars. Prior period results have not been adjusted to reflect the deconsolidation of the Company's Venezuelan subsidiary. The accompanying Consolidated Balance Sheet as of December 31, 2015 , which was derived from audited Consolidated Financial Statements, and the unaudited interim Consolidated Financial Statements as of March 31, 2016 and for the three months ended March 31, 2016 and 2015 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by GAAP for complete financial statements. These financial statements should be read in conjunction with the Company’s audited Consolidated Financial Statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2015 . In the opinion of the Company’s management, these financial statements contain all adjustments necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the interim periods presented herein. The results of operations for an interim period are not necessarily indicative of the results of operations expected for a full fiscal year. The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during the reported period. Actual results could differ from these estimates under different assumptions or conditions and such differences could be material.
Reclassifications	Reclassifications Certain amounts in the prior year Consolidated Financial Statements and accompanying footnotes have been reclassified to conform to the current year's presentation primarily pursuant to the adoption of Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs . As of December 31, 2015, approximately $19 million of current debt issuance costs have been reclassified from other current assets to long-term debt, less current portion and approximately $109 million of non-current debt issuance costs have been reclassified from other non-current assets to long-term debt, less current portion.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, as part of its simplification initiative, which involves several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in this update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is evaluating the effect the adoption of this standard will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (ASC Topic 842), which requires entities that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. This ASU will replace most existing leasing guidance in U.S. GAAP when it becomes effective. The new standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. Early application is permitted. The standard requires the use of a modified retrospective transition method. The Company is evaluating the effect that ASU 2016-02 will have on its Consolidated Financial Statements and related disclosures, and expects the new guidance to significantly increase the reported assets and liabilities on its Consolidated Balance Sheets. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, ASC Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its Consolidated Financial Statements and related disclosures and has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.

Other Intangible Assets (Tables

Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Acquired Intangible Assets Disclosure [Abstract]
Schedule of acquisition-related intangible assets	Other intangible assets as of March 31, 2016 and December 31, 2015 were as follows (dollars in millions): Gross Carrying Amount Accumulated Amortization Net March 31, 2016 Finite-Lived Intangible Assets: Customer Contracts and Relationships $ 1,975 $ (977 ) $ 998 Trademarks 55 (55 ) — Patents and Developed Technology 230 (169 ) 61 2,260 (1,201 ) 1,059 Indefinite-Lived Intangible Assets: Trade Name 15 — 15 $ 2,275 $ (1,201 ) $ 1,074 December 31, 2015 Finite-Lived Intangible Assets: Customer Contracts and Relationships $ 1,975 $ (932 ) $ 1,043 Trademarks 55 (55 ) — Patents and Developed Technology 230 (161 ) 69 2,260 (1,148 ) 1,112 Indefinite-Lived Intangible Assets: Trade Name 15 — 15 $ 2,275 $ (1,148 ) $ 1,127
Schedule of estimated amortization expense of finite-lived acquisition-related intangible assets	As of March 31, 2016 , estimated amortization expense for the Company’s finite-lived intangible assets over the next five years is as follows (dollars in millions): 2016 (remaining nine months) $ 159 2017 196 2018 193 2019 181 2020 166 2021 143 Thereafter 21 $ 1,059

Fair Value of Financial Instr20

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of fair value of liabilities measured on a recurring basis	The table below presents the fair values for the Company’s long-term debt as well as the input levels used to determine these fair values as of March 31, 2016 and December 31, 2015 : Fair Value Measurement Using Total Carrying Value in Consolidated Balance Sheets Unadjusted Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) (dollars in millions) March 31, December 31, March 31, December 31, March 31, December 31, Liabilities Not Recorded at Fair Value in the Financial Statements: Long-term Debt, including the current portion: Term Loans $ 4,558 $ 4,556 $ 4,612 $ 4,570 $ — $ — Senior Notes 6,894 6,126 7,115 6,298 — — Capital Leases and Other 199 199 — — 199 199 Total Long-term Debt, including the current portion $ 11,651 $ 10,881 $ 11,727 $ 10,868 $ 199 $ 199 The Company does not have any assets or liabilities where the fair value is measured using significant unobservable inputs (Level 3).

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Long-term debt
Schedule of long-term debt	The following table summarizes the Company’s long-term debt (amounts in millions): Date of March 31, 2016 December 31, 2015 Issuance/Amendment Maturity Interest Payments Interest Rate Amount Amount Senior Secured Term Loans: Borrowed by Level 3 Financing, Inc. Tranche B-III 2019 Term Loan (1)(4) Aug 2013 Aug 2019 Quarterly LIBOR +3.00% $ 815 $ 815 Tranche B 2020 Term Loan (1)(4) Oct 2013 Jan 2020 Quarterly LIBOR +3.00% 1,796 1,796 Tranche B-II 2022 Term Loan (1)(4) May 2015 May 2022 Quarterly LIBOR +2.75% 2,000 2,000 Senior Notes: Issued by Level 3 Financing, Inc. Floating Rate Senior Notes due 2018 (2)(4) Nov 2013 Jan 2018 May/Nov 6-Month LIBOR +3.50% 300 300 7% Senior Notes due 2020 (2)(5) Aug 2012 Jun 2020 Jun/Dec 7.000% 775 775 6.125% Senior Notes due 2021 (2) Nov 2013 Jan 2021 Apr/Oct 6.125% 640 640 5.375% Senior Notes due 2022 (2) Aug 2014 Aug 2022 May/Nov 5.375% 1,000 1,000 5.625% Senior Notes due 2023 (2) Jan 2015 Feb 2023 Jun/Dec 5.625% 500 500 5.125% Senior Notes due 2023 (2) Apr 2015 May 2023 Mar/Sept 5.125% 700 700 5.375% Senior Notes due 2025 (2) Apr 2015 May 2025 Mar/Sept 5.375% 800 800 5.375% Senior Notes due 2024 (2) Nov 2015 Jan 2024 Jan/Jul 5.375% 900 900 5.25% Senior Notes due 2026 (6) Mar 2016 Mar 2026 Apr/Oct 5.250% 775 — Issued by Level 3 Communications, Inc. 5.75% Senior Notes due 2022 (3) Dec 2014 Dec 2022 Mar/Sept 5.750% 600 600 Capital Leases 199 199 Total Debt Obligations 11,800 11,025 Unamortized discounts (15 ) (16 ) Unamortized debt issuance costs (134 ) (128 ) Current portion of long-term debt (781 ) (15 ) Total Long-Term Debt $ 10,870 $ 10,866 (1) The term loans are secured obligations and guaranteed by the Company and Level 3 Communications, LLC and certain other subsidiaries. (2) The notes are fully and unconditionally guaranteed on an unsubordinated unsecured basis by the Company and Level 3 Communications, LLC. (3) The notes were not guaranteed by any of the Company’s subsidiaries. (4) The Tranche B-III 2019 Term Loan and the Tranche B 2020 Term Loan each had an interest rate of 4.000% as of March 31, 2016 and December 31, 2015 . The Tranche B-II 2022 Term Loan had an interest rate of 3.500% as of March 31, 2016 and December 31, 2015 . The Floating Rate Senior Notes due 2018 had an interest rate of 4.101% as of March 31, 2016 and December 31, 2015 . The interest rate on the Tranche B-III 2019 Term Loan, and the Tranche B 2020 Term Loan are set with a minimum LIBOR of 1.00% , and the Tranche B-II 2022 Term Loan is set with a minimum LIBOR of 0.75% . (5) The 7% Senior Notes due 2020 were redeemed on April 21, 2016 as discussed below. (6) The notes are fully and unconditionally guaranteed on a unsubordinated unsecured basis by the Company.
Schedule of aggregate future contractual maturities of long-term debt and capital leases (excluding discounts)	Long-Term Debt Maturities Aggregate future contractual maturities of long-term debt and capital leases (excluding discounts and debt issuance costs) were as follows as of March 31, 2016 (dollars in millions): 2016 (remaining nine months) $ 789 2017 7 2018 307 2019 822 2020 1,804 2021 10 Thereafter 8,061 $ 11,800

Accumulated Other Comprehensi22

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The accumulated balances for each classification of other comprehensive income (loss) were as follows: (dollars in millions) Net Foreign Currency Translation Adjustment Defined Benefit Pension Plans Total Balance at December 31, 2014 $ (111 ) $ (36 ) $ (147 ) Other comprehensive loss before reclassifications (141 ) — (141 ) Amounts reclassified from accumulated other comprehensive loss — — — Balance at March 31, 2015 $ (252 ) $ (36 ) $ (288 ) Balance at December 31, 2015 $ (273 ) $ (28 ) $ (301 ) Other comprehensive income (loss) before reclassifications 48 (2 ) 46 Amounts reclassified from accumulated other comprehensive loss — (1 ) (1 ) Balance at March 31, 2016 $ (225 ) $ (31 ) $ (256 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Share-based Compensation
Schedule of non-cash compensation expense and capitalized non-cash compensation	The following table summarizes non-cash compensation expense attributable to stock-based awards for the three months ended March 31, 2016 and 2015 (dollars in millions): Three Months Ended March 31, 2016 2015 Outperform Stock Appreciation Rights $ 1 $ 2 Restricted Stock Units 21 11 Performance Restricted Stock Units 14 5 401(k) Match Expense 11 13 $ 47 $ 31

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting Information [Line Items]
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	The following table presents Adjusted EBITDA by segment and reconciles Adjusted EBITDA to net income: Three Months Ended (dollars in millions) March 31, 2016 March 31, 2015 Adjusted EBITDA: North America $ 812 $ 740 EMEA 54 56 Latin America 74 80 Unallocated Corporate Expenses (230 ) (241 ) Adjusted EBITDA 710 635 Income Tax Expense (94 ) (5 ) Total Other Expense (144 ) (189 ) Depreciation and Amortization (301 ) (288 ) Non-Cash Stock Compensation Attributable to Stock Awards (47 ) (31 ) Net Income $ 124 $ 122
Schedule of Segment Reporting Information, by Segment [Table Text Block]	The following table presents capital expenditures by segment and reconciles capital expenditures by segment to total capital expenditures: Three Months Ended (dollars in millions) March 31, 2016 March 31, 2015 Capital Expenditures: North America $ 195 $ 167 EMEA 39 28 Latin America 23 28 Unallocated Corporate Capital Expenditures 40 31 Total Capital Expenditures $ 297 $ 254
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	The following table presents revenue by segment: Three Months Ended (dollars in millions) March 31, 2016 March 31, 2015 Core Network Services Revenue: North America $ 1,601 $ 1,535 EMEA 191 207 Latin America 155 185 Total Core Network Services Revenue 1,947 1,927 Wholesale Voice Services Revenue: North America 99 118 EMEA 3 4 Latin America 2 4 Total Wholesale Voice Services Revenue 104 126 Total Revenue $ 2,051 $ 2,053
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	The following table presents total assets by segment: (dollars in millions) March 31, 2016 December 31, 2015 Assets: North America $ 20,940 $ 19,961 EMEA 1,798 1,796 Latin America 2,173 2,131 Other 128 129 Total Assets $ 25,039 $ 24,017
Reconciliation of Goodwill from Segment to Consolidated [Table Text Block]	The changes in the carrying amount of goodwill by segment during the three months ended March 31, 2016 were as follows (in millions): North America EMEA Latin America Total Balance at December 31, 2015 $ 7,024 $ 129 $ 596 $ 7,749 Effect of foreign currency rate change — (3 ) — (3 ) Balance at March 31, 2016 $ 7,024 $ 126 $ 596 $ 7,746 There were no events or changes in circumstances during the first three months of 2016 that indicated the carrying value of goodwill may not be recoverable.

Condensed Consolidating Finan25

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2016
Condensed Consolidating Financial Information [Abstract]
Condensed Consolidating Financial Information	Condensed Consolidating Financial Information Level 3 Financing, Inc., a wholly owned subsidiary of the Company, has issued senior notes that are unsecured obligations of Level 3 Financing, Inc.; however, they are also fully and unconditionally and jointly and severally guaranteed on an unsecured senior basis by Level 3 Communications, Inc. and Level 3 Communications, LLC. In conjunction with the registration of the senior notes, the accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X Rule 3-10 “Financial statements of guarantors and affiliates whose securities collateralize an issue registered or being registered.” The operating activities of the separate legal entities included in the Company’s Consolidated Financial Statements are interdependent. The accompanying condensed consolidating financial information presents the results of operations, financial position and cash flows of each legal entity and, on an aggregate basis, the other non-guarantor subsidiaries based on amounts incurred by such entities, and is not intended to present the operating results of those legal entities on a stand-alone basis. Level 3 Communications, LLC leases equipment and certain facilities from other wholly owned subsidiaries of Level 3 Communications, Inc. These transactions are eliminated in the consolidated results of the Company. Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended March 31, 2016 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Revenue $ — $ — $ 866 $ 1,219 $ (34 ) $ 2,051 Costs and Expense: Network Access Costs — — 320 408 (34 ) 694 Network Related Expenses — — 237 101 — 338 Depreciation and Amortization — — 88 213 — 301 Selling, General and Administrative Expenses 1 1 250 104 — 356 Total Costs and Expenses 1 1 895 826 (34 ) 1,689 Operating Income (Loss) (1 ) (1 ) (29 ) 393 — 362 Other Income (Expense): Interest Income — — — 1 — 1 Interest expense (9 ) (128 ) (1 ) 3 — (135 ) Interest income (expense) affiliates, net 342 531 (801 ) (72 ) — — Equity in net earnings (losses) of subsidiaries (212 ) (541 ) 199 — 554 — Other, net — — 2 (12 ) — (10 ) Total Other Income (Expense) 121 (138 ) (601 ) (80 ) 554 (144 ) Income (Loss) before Income Taxes 120 (139 ) (630 ) 313 554 218 Income Tax (Benefit) Expense 4 (73 ) (1 ) (24 ) — (94 ) Net Income (Loss) 124 (212 ) (631 ) 289 554 124 Other Comprehensive Income (Loss), Net of Income Taxes 45 — — 45 (45 ) 45 Comprehensive Income (Loss) $ 169 $ (212 ) $ (631 ) $ 334 $ 509 $ 169 Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended March 31, 2015 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Revenue $ — $ — $ 818 $ 1,287 $ (52 ) $ 2,053 Costs and Expense: Network Access Costs — — 320 455 (52 ) 723 Network Related Expenses — — 230 126 — 356 Depreciation and Amortization — — 74 214 — 288 Selling, General and Administrative Expenses 1 — 247 122 — 370 Total Costs and Expenses 1 — 871 917 (52 ) 1,737 Operating (Loss) Income (1 ) — (53 ) 370 — 316 Other Income (Expense): Interest income — — — 1 — 1 Interest expense (19 ) (155 ) (1 ) (5 ) — (180 ) Interest income (expense) affiliates, net 333 501 (766 ) (68 ) — — Equity in net earnings (losses) of subsidiaries (191 ) (536 ) 177 — 550 — Other, net — — 2 (12 ) — (10 ) Total Other Income (Expense) 123 (190 ) (588 ) (84 ) 550 (189 ) Income (Loss) before Income Taxes 122 (190 ) (641 ) 286 550 127 Income Tax Expense — (1 ) — (4 ) — (5 ) Net Income (Loss) 122 (191 ) (641 ) 282 550 122 Other Comprehensive Income (Loss), Net of Income Taxes (141 ) — — (141 ) 141 (141 ) Comprehensive Income (Loss) $ (19 ) $ (191 ) $ (641 ) $ 141 $ 691 $ (19 ) Condensed Consolidating Balance Sheets March 31, 2016 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Assets Current Assets: Cash and cash equivalents $ 12 $ 6 $ 886 $ 100 $ — $ 1,004 Restricted cash and securities — 829 1 7 — 837 Receivables, less allowances for doubtful accounts — — 48 759 — 807 Due from affiliates 12,778 23,210 — 2,211 (38,199 ) — Other — — 86 55 — 141 Total Current Assets 12,790 24,045 1,021 3,132 (38,199 ) 2,789 Property, Plant, and Equipment, net — — 3,528 6,446 — 9,974 Restricted Cash and Securities 27 — 13 1 — 41 Goodwill and Other Intangibles, net — — 360 8,460 — 8,820 Investment in Subsidiaries 16,800 17,709 3,730 — (38,239 ) — Deferred Tax Assets 42 2,775 — 548 — 3,365 Other Assets, net — — 12 38 — 50 Total Assets $ 29,659 $ 44,529 $ 8,664 $ 18,625 $ (76,438 ) $ 25,039 Liabilities and Stockholders' Equity (Deficit) Current Liabilities: Accounts payable $ — $ 2 $ 297 $ 381 $ — $ 680 Current portion of long-term debt — 766 2 13 — 781 Accrued payroll and employee benefits — — 103 43 — 146 Accrued interest 3 120 — 8 — 131 Current portion of deferred revenue — — 117 166 — 283 Due to affiliates — — 38,199 — (38,199 ) — Other — — 121 45 — 166 Total Current Liabilities 3 888 38,839 656 (38,199 ) 2,187 Long-Term Debt, less current portion 591 10,094 14 171 — 10,870 Deferred Revenue, less current portion — — 708 304 — 1,012 Other Liabilities 15 — 135 478 — 628 Commitments and Contingencies Stockholders' Equity (Deficit) 29,050 33,547 (31,032 ) 17,016 (38,239 ) 10,342 Total Liabilities and Stockholders' Equity (Deficit) $ 29,659 $ 44,529 $ 8,664 $ 18,625 $ (76,438 ) $ 25,039 Condensed Consolidating Balance Sheets December 31, 2015 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Assets Current Assets: Cash and cash equivalents $ 12 $ 6 $ 727 $ 109 $ — $ 854 Restricted cash and securities — — 1 7 — 8 Receivables, less allowances for doubtful accounts — — 47 710 — 757 Due from affiliates 12,415 22,759 — 2,816 (37,990 ) — Other — — 56 55 — 111 Total Current Assets 12,427 22,765 831 3,697 (37,990 ) 1,730 Property, Plant, and Equipment, net — — 3,423 6,455 — 9,878 Restricted Cash and Securities 27 — 14 1 — 42 Goodwill and Other Intangibles, net — — 363 8,513 — 8,876 Investment in Subsidiaries 16,772 17,714 3,734 — (38,220 ) — Deferred Tax Assets 38 2,847 — 556 — 3,441 Other Assets, net — — 12 38 — 50 Total Assets $ 29,264 $ 43,326 $ 8,377 $ 19,260 $ (76,210 ) $ 24,017 Liabilities and Stockholders' Equity (Deficit) Current Liabilities: Accounts payable $ — $ 1 $ 195 $ 433 $ — $ 629 Current portion of long-term debt — — 2 13 — 15 Accrued payroll and employee benefits — — 186 32 — 218 Accrued interest 11 90 — 7 — 108 Current portion of deferred revenue — — 119 148 — 267 Due to affiliates — — 37,990 — (37,990 ) — Other — — 115 64 — 179 Total Current Liabilities 11 91 38,607 697 (37,990 ) 1,416 Long-Term Debt, less current portion 591 10,092 15 168 — 10,866 Deferred Revenue, less current portion — — 680 297 — 977 Other Liabilities 15 — 133 484 — 632 Commitments and Contingencies Stockholders' Equity (Deficit) 28,647 33,143 (31,058 ) 17,614 (38,220 ) 10,126 Total Liabilities and Stockholders' Equity (Deficit) $ 29,264 $ 43,326 $ 8,377 $ 19,260 $ (76,210 ) $ 24,017 Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2016 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Net Cash Provided by (Used in) Operating Activities $ (17 ) $ (92 ) $ 130 $ 489 $ — $ 510 Cash Flows from Investing Activities: Capital Expenditures — — (159 ) (138 ) — (297 ) (Increase) decrease in restricted cash and securities, net — (829 ) 1 — — (828 ) Net Cash Used in Investing Activities — (829 ) (158 ) (138 ) — (1,125 ) Cash Flows from Financing Activities: Long-term debt borrowings, net of issuance costs — 765 — — — 765 Payments on and repurchases of long-term debt and capital leases — — — (1 ) — (1 ) Increase (decrease) due from/to affiliates, net 17 156 187 (360 ) — — Net Cash Provided by (Used in) Financing Activities 17 921 187 (361 ) — 764 Effect of Exchange Rates on Cash and Cash Equivalents — — — 1 — 1 Net Change in Cash and Cash Equivalents — — 159 (9 ) — 150 Cash and Cash Equivalents at Beginning of Period 12 6 727 109 — 854 Cash and Cash Equivalents at End of Period $ 12 $ 6 $ 886 $ 100 $ — $ 1,004 Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2015 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Net Cash Provided by (Used in) Operating Activities $ (7 ) $ (137 ) $ (82 ) $ 531 $ — $ 305 Cash Flows from Investing Activities: Capital Expenditures — — (77 ) (177 ) — (254 ) Decrease in restricted cash and securities, net — — 1 — — 1 Proceeds from sale of property, plant and equipment and other assets — — — 1 — 1 Net Cash Used in Investing Activities — — (76 ) (176 ) — (252 ) Cash Flows from Financing Activities: Long-term debt borrowings, net of issuance costs — 492 — — — 492 Payments on and repurchases of long-term debt and capital leases — — — (2 ) — (2 ) Increase (decrease) due from/to affiliates, net 14 (355 ) 692 (351 ) — — Net Cash Provided by (Used in) Financing Activities 14 137 692 (353 ) — 490 Effect of Exchange Rates on Cash and Cash Equivalents — — — (9 ) — (9 ) Net Change in Cash and Cash Equivalents 7 — 534 (7 ) — 534 Cash and Cash Equivalents at Beginning of Period 7 5 307 261 — 580 Cash and Cash Equivalents at End of Period $ 14 $ 5 $ 841 $ 254 $ — $ 1,114
Schedule of Condensed Consolidating Statements of Comprehensive Income (Loss)	Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended March 31, 2016 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Revenue $ — $ — $ 866 $ 1,219 $ (34 ) $ 2,051 Costs and Expense: Network Access Costs — — 320 408 (34 ) 694 Network Related Expenses — — 237 101 — 338 Depreciation and Amortization — — 88 213 — 301 Selling, General and Administrative Expenses 1 1 250 104 — 356 Total Costs and Expenses 1 1 895 826 (34 ) 1,689 Operating Income (Loss) (1 ) (1 ) (29 ) 393 — 362 Other Income (Expense): Interest Income — — — 1 — 1 Interest expense (9 ) (128 ) (1 ) 3 — (135 ) Interest income (expense) affiliates, net 342 531 (801 ) (72 ) — — Equity in net earnings (losses) of subsidiaries (212 ) (541 ) 199 — 554 — Other, net — — 2 (12 ) — (10 ) Total Other Income (Expense) 121 (138 ) (601 ) (80 ) 554 (144 ) Income (Loss) before Income Taxes 120 (139 ) (630 ) 313 554 218 Income Tax (Benefit) Expense 4 (73 ) (1 ) (24 ) — (94 ) Net Income (Loss) 124 (212 ) (631 ) 289 554 124 Other Comprehensive Income (Loss), Net of Income Taxes 45 — — 45 (45 ) 45 Comprehensive Income (Loss) $ 169 $ (212 ) $ (631 ) $ 334 $ 509 $ 169 Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended March 31, 2015 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Revenue $ — $ — $ 818 $ 1,287 $ (52 ) $ 2,053 Costs and Expense: Network Access Costs — — 320 455 (52 ) 723 Network Related Expenses — — 230 126 — 356 Depreciation and Amortization — — 74 214 — 288 Selling, General and Administrative Expenses 1 — 247 122 — 370 Total Costs and Expenses 1 — 871 917 (52 ) 1,737 Operating (Loss) Income (1 ) — (53 ) 370 — 316 Other Income (Expense): Interest income — — — 1 — 1 Interest expense (19 ) (155 ) (1 ) (5 ) — (180 ) Interest income (expense) affiliates, net 333 501 (766 ) (68 ) — — Equity in net earnings (losses) of subsidiaries (191 ) (536 ) 177 — 550 — Other, net — — 2 (12 ) — (10 ) Total Other Income (Expense) 123 (190 ) (588 ) (84 ) 550 (189 ) Income (Loss) before Income Taxes 122 (190 ) (641 ) 286 550 127 Income Tax Expense — (1 ) — (4 ) — (5 ) Net Income (Loss) 122 (191 ) (641 ) 282 550 122 Other Comprehensive Income (Loss), Net of Income Taxes (141 ) — — (141 ) 141 (141 ) Comprehensive Income (Loss) $ (19 ) $ (191 ) $ (641 ) $ 141 $ 691 $ (19 )
Schedule of Condensed Consolidating Balance Sheets	Condensed Consolidating Balance Sheets March 31, 2016 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Assets Current Assets: Cash and cash equivalents $ 12 $ 6 $ 886 $ 100 $ — $ 1,004 Restricted cash and securities — 829 1 7 — 837 Receivables, less allowances for doubtful accounts — — 48 759 — 807 Due from affiliates 12,778 23,210 — 2,211 (38,199 ) — Other — — 86 55 — 141 Total Current Assets 12,790 24,045 1,021 3,132 (38,199 ) 2,789 Property, Plant, and Equipment, net — — 3,528 6,446 — 9,974 Restricted Cash and Securities 27 — 13 1 — 41 Goodwill and Other Intangibles, net — — 360 8,460 — 8,820 Investment in Subsidiaries 16,800 17,709 3,730 — (38,239 ) — Deferred Tax Assets 42 2,775 — 548 — 3,365 Other Assets, net — — 12 38 — 50 Total Assets $ 29,659 $ 44,529 $ 8,664 $ 18,625 $ (76,438 ) $ 25,039 Liabilities and Stockholders' Equity (Deficit) Current Liabilities: Accounts payable $ — $ 2 $ 297 $ 381 $ — $ 680 Current portion of long-term debt — 766 2 13 — 781 Accrued payroll and employee benefits — — 103 43 — 146 Accrued interest 3 120 — 8 — 131 Current portion of deferred revenue — — 117 166 — 283 Due to affiliates — — 38,199 — (38,199 ) — Other — — 121 45 — 166 Total Current Liabilities 3 888 38,839 656 (38,199 ) 2,187 Long-Term Debt, less current portion 591 10,094 14 171 — 10,870 Deferred Revenue, less current portion — — 708 304 — 1,012 Other Liabilities 15 — 135 478 — 628 Commitments and Contingencies Stockholders' Equity (Deficit) 29,050 33,547 (31,032 ) 17,016 (38,239 ) 10,342 Total Liabilities and Stockholders' Equity (Deficit) $ 29,659 $ 44,529 $ 8,664 $ 18,625 $ (76,438 ) $ 25,039 Condensed Consolidating Balance Sheets December 31, 2015 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Assets Current Assets: Cash and cash equivalents $ 12 $ 6 $ 727 $ 109 $ — $ 854 Restricted cash and securities — — 1 7 — 8 Receivables, less allowances for doubtful accounts — — 47 710 — 757 Due from affiliates 12,415 22,759 — 2,816 (37,990 ) — Other — — 56 55 — 111 Total Current Assets 12,427 22,765 831 3,697 (37,990 ) 1,730 Property, Plant, and Equipment, net — — 3,423 6,455 — 9,878 Restricted Cash and Securities 27 — 14 1 — 42 Goodwill and Other Intangibles, net — — 363 8,513 — 8,876 Investment in Subsidiaries 16,772 17,714 3,734 — (38,220 ) — Deferred Tax Assets 38 2,847 — 556 — 3,441 Other Assets, net — — 12 38 — 50 Total Assets $ 29,264 $ 43,326 $ 8,377 $ 19,260 $ (76,210 ) $ 24,017 Liabilities and Stockholders' Equity (Deficit) Current Liabilities: Accounts payable $ — $ 1 $ 195 $ 433 $ — $ 629 Current portion of long-term debt — — 2 13 — 15 Accrued payroll and employee benefits — — 186 32 — 218 Accrued interest 11 90 — 7 — 108 Current portion of deferred revenue — — 119 148 — 267 Due to affiliates — — 37,990 — (37,990 ) — Other — — 115 64 — 179 Total Current Liabilities 11 91 38,607 697 (37,990 ) 1,416 Long-Term Debt, less current portion 591 10,092 15 168 — 10,866 Deferred Revenue, less current portion — — 680 297 — 977 Other Liabilities 15 — 133 484 — 632 Commitments and Contingencies Stockholders' Equity (Deficit) 28,647 33,143 (31,058 ) 17,614 (38,220 ) 10,126 Total Liabilities and Stockholders' Equity (Deficit) $ 29,264 $ 43,326 $ 8,377 $ 19,260 $ (76,210 ) $ 24,017
Schedule of Condensed Consolidating Statements of Cash Flows	Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2016 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Net Cash Provided by (Used in) Operating Activities $ (17 ) $ (92 ) $ 130 $ 489 $ — $ 510 Cash Flows from Investing Activities: Capital Expenditures — — (159 ) (138 ) — (297 ) (Increase) decrease in restricted cash and securities, net — (829 ) 1 — — (828 ) Net Cash Used in Investing Activities — (829 ) (158 ) (138 ) — (1,125 ) Cash Flows from Financing Activities: Long-term debt borrowings, net of issuance costs — 765 — — — 765 Payments on and repurchases of long-term debt and capital leases — — — (1 ) — (1 ) Increase (decrease) due from/to affiliates, net 17 156 187 (360 ) — — Net Cash Provided by (Used in) Financing Activities 17 921 187 (361 ) — 764 Effect of Exchange Rates on Cash and Cash Equivalents — — — 1 — 1 Net Change in Cash and Cash Equivalents — — 159 (9 ) — 150 Cash and Cash Equivalents at Beginning of Period 12 6 727 109 — 854 Cash and Cash Equivalents at End of Period $ 12 $ 6 $ 886 $ 100 $ — $ 1,004 Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2015 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Net Cash Provided by (Used in) Operating Activities $ (7 ) $ (137 ) $ (82 ) $ 531 $ — $ 305 Cash Flows from Investing Activities: Capital Expenditures — — (77 ) (177 ) — (254 ) Decrease in restricted cash and securities, net — — 1 — — 1 Proceeds from sale of property, plant and equipment and other assets — — — 1 — 1 Net Cash Used in Investing Activities — — (76 ) (176 ) — (252 ) Cash Flows from Financing Activities: Long-term debt borrowings, net of issuance costs — 492 — — — 492 Payments on and repurchases of long-term debt and capital leases — — — (2 ) — (2 ) Increase (decrease) due from/to affiliates, net 14 (355 ) 692 (351 ) — — Net Cash Provided by (Used in) Financing Activities 14 137 692 (353 ) — 490 Effect of Exchange Rates on Cash and Cash Equivalents — — — (9 ) — (9 ) Net Change in Cash and Cash Equivalents 7 — 534 (7 ) — 534 Cash and Cash Equivalents at Beginning of Period 7 5 307 261 — 580 Cash and Cash Equivalents at End of Period $ 14 $ 5 $ 841 $ 254 $ — $ 1,114

Organization and Summary of S26

Organization and Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
schedule of consolidation [Line Items]
Revenue	$ 2,051	$ 2,053
Adjusted EBITDA by Segment	710	635
Deferred Finance Costs, Current, Net			$ 19
Deferred Finance Costs, Noncurrent, Net			$ 109
Latin America [Member]
schedule of consolidation [Line Items]
Adjusted EBITDA by Segment	$ 74	80
VENEZUELA | Latin America [Member]
schedule of consolidation [Line Items]
Revenue		23
Adjusted EBITDA by Segment		$ 15

Earnings Per Share (Details)

Earnings Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stock options, outperform stock appreciation rights (OSOs), restricted stock units and warrants
Earnings per share
Stock Awards Included in Computation of Earnings Per Share, Amount	4	4

Earnings Per Share Supplemental

Earnings Per Share Supplemental (Details) shares in Millions	3 Months Ended
	Mar. 31, 2015shares
Performance Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock Awards Included in Computation of Earnings Per Share, Amount	0

Other Intangible Assets (Detail

Other Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Finite-Lived Intangible Assets:
Finite-Lived Intangible Assets, Gross Carrying Amount	$ 2,260		$ 2,260
Finite-Lived Intangible Assets, Accumulated Amortization	(1,201)		(1,148)
Finite-Lived Intangible Assets, Net	1,059		1,112
Acquired finite-lived intangible asset amortization expense	$ 53	$ 56
Acquired finite-lived intangible assets weighted average remaining useful lives (in years)	5 years 6 months
Indefinite-Lived Intangible Assets:
Total identifiable acquisition-related intangible assets, Gross Carrying Amount	$ 2,275		2,275
Total identifiable acquisition-related intangible assets, Net	1,074		1,127
Estimated amortization expense of finite-lived acquisition-related intangible assets
2016 (remaining nine months)	159
2,017	196
2,018	193
2,019	181
2,020	166
2,021	143
Thereafter	21
Finite-Lived Intangible Assets, Net	1,059		1,112
Vyvx Trade Name
Indefinite-Lived Intangible Assets:
Indefinite-Lived Intangible Assets	15		15
Customer Contracts And Relationships
Finite-Lived Intangible Assets:
Finite-Lived Intangible Assets, Gross Carrying Amount	1,975		1,975
Finite-Lived Intangible Assets, Accumulated Amortization	(977)		(932)
Finite-Lived Intangible Assets, Net	$ 998		1,043
Acquired finite-lived intangible assets weighted average remaining useful lives (in years)	5 years 7 months 6 days
Estimated amortization expense of finite-lived acquisition-related intangible assets
Finite-Lived Intangible Assets, Net	$ 998		1,043
Trademarks
Finite-Lived Intangible Assets:
Finite-Lived Intangible Assets, Gross Carrying Amount	55		55
Finite-Lived Intangible Assets, Accumulated Amortization	(55)		(55)
Finite-Lived Intangible Assets, Net	0		0
Estimated amortization expense of finite-lived acquisition-related intangible assets
Finite-Lived Intangible Assets, Net	0		0
Patents and Developed Technology
Finite-Lived Intangible Assets:
Finite-Lived Intangible Assets, Gross Carrying Amount	230		230
Finite-Lived Intangible Assets, Accumulated Amortization	(169)		(161)
Finite-Lived Intangible Assets, Net	$ 61		69
Acquired finite-lived intangible assets weighted average remaining useful lives (in years)	3 years 1 month 6 days
Estimated amortization expense of finite-lived acquisition-related intangible assets
Finite-Lived Intangible Assets, Net	$ 61		$ 69

Fair Value of Financial Instr30

Fair Value of Financial Instruments - Liabilities, Recurring (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Total Carrying Value in Consolidated Balance Sheet
Long-term Debt, including the current portion:
Term Loans	$ 4,558	$ 4,556
Senior Notes	6,894	6,126
Capital Leases and Other	199	199
Total Long-term Debt, including the current portion:	11,651	10,881
Unadjusted Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
Long-term Debt, including the current portion:
Term Loans	4,612	4,570
Senior Notes	7,115	6,298
Capital Leases and Other	0	0
Total Long-term Debt, including the current portion:	11,727	10,868
Significant Other Observable Inputs (Level 2)
Long-term Debt, including the current portion:
Term Loans	0	0
Senior Notes	0	0
Capital Leases and Other	199	199
Total Long-term Debt, including the current portion:	$ 199	$ 199

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 22, 2016	Dec. 31, 2015	May. 08, 2015	Jan. 01, 2014
Long-term debt
Total Debt Obligations	$ 11,800		$ 11,025
Total Unamortized Discount	15		16
Unamortized Debt Issuance Expense	(134)		(128)
Current portion of long-term debt	(781)		(15)
Long-Term Debt, less current portion	10,870		10,866
Tranche B-III 2019 Term Loan
Long-term debt
Total Debt Obligations	815		815
TrancheB2020TermLoanTotal [Member]
Long-term debt
Total Debt Obligations	$ 1,796		1,796
Floating Rate Senior Notes due 2018 [Member]
Long-term debt
Debt Instrument, Interest Rate Terms	6-Month LIBOR +3.50%
Stated interest rate (as a percent)	4.101%
Total Debt Obligations	$ 300		300
2.0 Billion Tranche B-II 2022 Term Loan [Member]
Long-term debt
Debt Instrument, Interest Rate Terms	LIBOR +2.75%
Stated interest rate (as a percent)	3.50%
Total Debt Obligations	$ 2,000		2,000
7.0% Senior Notes due 2020
Long-term debt
Total Debt Obligations	775		775
SeniorNotes6Point125PercentDue2021 [Member]
Long-term debt
Total Debt Obligations	640		640
5point375SeniorNotesdue2022 [Member]
Long-term debt
Total Debt Obligations	1,000		1,000
Senior Notes 5point75Percent Due 2022 [Member]
Long-term debt
Total Debt Obligations	600		600
Senior Notes 5point 625Percent Due 2023 [Member]
Long-term debt
Total Debt Obligations	500		500
Senior Notes 5.375 Percent Due 2024 [Member]
Long-term debt
Total Debt Obligations	900		900
Senior Notes 5point 125Percent Due 2023 [Member]
Long-term debt
Total Debt Obligations	700		700
Senior Notes 5point 375Percent Due 2025 [Member]
Long-term debt
Total Debt Obligations	800		800
Capital Leases
Long-term debt
Total Debt Obligations	199		199
Level 3 Communications, LLC
Long-term debt
Current portion of long-term debt	(2)		(2)
Long-Term Debt, less current portion	$ 14		15
Level 3 Communications, LLC | Tranche B-III 2019 Term Loan
Long-term debt
Debt Instrument, Interest Rate Terms	LIBOR +3.00%
Debt Instrument, Face Amount					$ 815
Level 3 Communications, LLC | TrancheB2020TermLoanTotal [Member]
Long-term debt
Debt Instrument, Interest Rate Terms	LIBOR +3.00%
Total Debt Obligations					$ 1,796
Level 3 Financing [Member] | 2.0 Billion Tranche B-II 2022 Term Loan [Member]
Long-term debt
Debt Instrument, Face Amount				$ 2,000
Level 3 Financing [Member] | 7.0% Senior Notes due 2020
Long-term debt
Stated interest rate (as a percent)	7.00%
Level 3 Financing [Member] | SeniorNotes6Point125PercentDue2021 [Member]
Long-term debt
Stated interest rate (as a percent)	6.125%
Level 3 Financing [Member] | 5.37percent Senior Notes Due 2022 [Member]
Long-term debt
Stated interest rate (as a percent)	5.375%
Level 3 Financing [Member] | Senior Notes 5point 625Percent Due 2023 [Member]
Long-term debt
Stated interest rate (as a percent)	5.625%
Level 3 Financing [Member] | Senior Notes 5point 125Percent Due 2023 [Member]
Long-term debt
Stated interest rate (as a percent)	5.125%
Level 3 Financing [Member] | Senior Notes 5point 375Percent Due 2024 [Member]
Long-term debt
Stated interest rate (as a percent)	5.375%
Level 3 Financing [Member] | Senior Notes 5point 375Percent Due 2025 [Member]
Long-term debt
Stated interest rate (as a percent)	5.375%
Level 3 Financing [Member] | Senior Notes 5point 250Percent Due 2026 [Member]
Long-term debt
Stated interest rate (as a percent)	5.25%
Total Debt Obligations	$ 775	$ 775	0
Parent Company [Member]
Long-term debt
Current portion of long-term debt	0		0
Long-Term Debt, less current portion	$ 591		$ 591
Parent Company [Member] | Senior Notes 5point75Percent Due 2022 [Member]
Long-term debt
Stated interest rate (as a percent)	5.75%

Long-Term Debt - Textuals (Deta

Long-Term Debt - Textuals (Details) $ in Millions	3 Months Ended
	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)days	Mar. 22, 2016USD ($)	Dec. 31, 2015USD ($)	May. 08, 2015USD ($)	Jan. 01, 2014USD ($)
Long-term debt
Proceeds from Issuance of Debt		$ 828
Debt Instrument, Redemption Period Notice Minimum Number of Days | days		30
Debt Instrument Redemption Period Notice Maximum Number of Days | days		60
Debt Instrument, Redemption Price, Percentage		101.00%
Total Debt Obligations		$ 11,800		$ 11,025
2016 (remaining nine months)		789
2,017		7
2,018		307
2,019		822
2,020		1,804
2,021		10
Thereafter		$ 8,061
Tranche B III 2019 and Tranche B 2020 Term Loans [Member]
Long-term debt
Stated interest rate (as a percent)		4.00%
Senior Notes 5point 125Percent Due 2023 [Member]
Long-term debt
Total Debt Obligations		$ 700		700
Senior Notes 5point 125Percent Due 2023 [Member] | Level 3 Financing [Member]
Long-term debt
Stated interest rate (as a percent)		5.125%
Senior Notes 5point 625Percent Due 2023 [Member]
Long-term debt
Total Debt Obligations		$ 500		500
Senior Notes 5point 625Percent Due 2023 [Member] | Level 3 Financing [Member]
Long-term debt
Stated interest rate (as a percent)		5.625%
Tranche B-III 2019 Term Loan
Long-term debt
Total Debt Obligations		$ 815		815
Tranche B-III 2019 Term Loan | Level 3 Financing, Inc.
Long-term debt
Debt Instrument, Face Amount						$ 815
TrancheB2020TermLoanTotal [Member]
Long-term debt
Total Debt Obligations		1,796		1,796
TrancheB2020TermLoanTotal [Member] | Level 3 Financing, Inc.
Long-term debt
Total Debt Obligations						$ 1,796
7.0% Senior Notes due 2020
Long-term debt
Total Debt Obligations		$ 775		775
7.0% Senior Notes due 2020 | Level 3 Financing [Member]
Long-term debt
Stated interest rate (as a percent)		7.00%
Capital Lease Obligations [Member]
Long-term debt
Debt, Weighted Average Interest Rate		5.80%
Total Debt Obligations		$ 199		199
Senior Notes 5point 375Percent Due 2025 [Member]
Long-term debt
Total Debt Obligations		$ 800		800
Senior Notes 5point 375Percent Due 2025 [Member] | Level 3 Financing [Member]
Long-term debt
Stated interest rate (as a percent)		5.375%
2.0 Billion Tranche B-II 2022 Term Loan [Member]
Long-term debt
Stated interest rate (as a percent)		3.50%
Total Debt Obligations		$ 2,000		2,000
2.0 Billion Tranche B-II 2022 Term Loan [Member] | Level 3 Financing [Member]
Long-term debt
Debt Instrument, Face Amount					$ 2,000
2.0 Billion Tranche B-II 2022 Term Loan [Member] | Level 3 Financing [Member] | London Interbank Offered Rate (LIBOR) [Member]
Long-term debt
Debt Instrument, Description of Variable Rate Basis		LIBOR
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum		0.75%
Senior Notes 5point 250Percent Due 2026 [Member] | Level 3 Financing [Member]
Long-term debt
Stated interest rate (as a percent)		5.25%
Total Debt Obligations		$ 775	$ 775	0
Floating Rate Senior Notes due 2018 [Member]
Long-term debt
Stated interest rate (as a percent)		4.101%
Total Debt Obligations		$ 300		$ 300
Tranche B-III 2019, Tranche B 2020 and Tranche B 2022 Term Loans [Member] | Level 3 Financing, Inc. | London Interbank Offered Rate (LIBOR) [Member]
Long-term debt
Debt Instrument, Description of Variable Rate Basis		LIBOR
Tranche B-III 2019, Tranche B 2020 and Tranche B 2022 Term Loans [Member] | Level 3 Financing [Member] | London Interbank Offered Rate (LIBOR) [Member]
Long-term debt
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum		1.00%
Subsequent Event [Member] | 7.0% Senior Notes due 2020 | Level 3 Financing [Member]
Long-term debt
Gains (Losses) on Extinguishment of Debt	$ (40)
Debt Instrument, Redemption Price, Percentage	104.138%

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Loss [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (256)	$ (288)	$ (301)	$ (147)
Other comprehensive income before reclassifications	46	(141)
Amounts reclassified from accumulated other comprehensive income	(1)	0
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Loss [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(225)	(252)	(273)	(111)
Other comprehensive income before reclassifications	48	(141)
Amounts reclassified from accumulated other comprehensive income	0	0
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Loss [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(31)	(36)	$ (28)	$ (36)
Other comprehensive income before reclassifications	(2)	0
Amounts reclassified from accumulated other comprehensive income	$ (1)	$ 0

Stock-Based Compensation - Non-

Stock-Based Compensation - Non-cash compensation expense and capitalized non-cash compensation (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Non-cash compensation expense and capitalized non-cash compensation
Nonvested restricted stock and restricted stock units (RSUs)	5
OSOs outstanding	1
Non-cash compensation expense and capitalized non-cash compensation	$ 47	$ 31
Outperform Stock Appreciation Rights
Non-cash compensation expense and capitalized non-cash compensation
Stock-based compensation expense	1	2
Restricted Stock Units
Non-cash compensation expense and capitalized non-cash compensation
Stock-based compensation expense	21	11
Performance Restricted Stock Units
Non-cash compensation expense and capitalized non-cash compensation
Stock-based compensation expense	14	5
401 (K) Match Expense
Non-cash compensation expense and capitalized non-cash compensation
Stock-based compensation expense	$ 11	$ 13

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Goodwill	$ 7,746		$ 7,749
Assets	25,039		24,017
Payments to Acquire Productive Assets	297	$ 254
Adjusted EBITDA by Segment	710	635
Revenue	2,051	2,053
Income Tax Expense	(94)	(5)
Other Expenses	(144)	(189)
Depreciation, Depletion and Amortization	(301)	(288)
Share-based Compensation	(47)	(31)
Net Income (Loss) Available to Common Stockholders, Basic	124	122
Goodwill, Translation Adjustments	(3)
Corporate and Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Assets	128		129
Payments to Acquire Productive Assets	40	31
Adjusted EBITDA by Segment	(230)	(241)
North America [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Goodwill	7,024		7,024
Assets	20,940		19,961
Payments to Acquire Productive Assets	195	167
Adjusted EBITDA by Segment	812	740
Goodwill, Translation Adjustments	0
EMEA [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Goodwill	126		129
Assets	1,798		1,796
Payments to Acquire Productive Assets	39	28
Adjusted EBITDA by Segment	54	56
Goodwill, Translation Adjustments	(3)
Latin America [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Goodwill	596		596
Assets	2,173		$ 2,131
Payments to Acquire Productive Assets	23	28
Adjusted EBITDA by Segment	74	80
Goodwill, Translation Adjustments	0
Core Network Service [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	1,947	1,927
Core Network Service [Member] | North America [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	1,601	1,535
Core Network Service [Member] | EMEA [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	191	207
Core Network Service [Member] | Latin America [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	155	185
Wholesale Voice Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	104	126
Wholesale Voice Services [Member] | North America [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	99	118
Wholesale Voice Services [Member] | EMEA [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	3	4
Wholesale Voice Services [Member] | Latin America [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 2	$ 4

Commitments, Contingencies an36

Commitments, Contingencies and Other Items - Lawsuits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014
Loss Contingencies
Estimated Litigation Liability	$ 120
Peruvian Tax Litigation | Pending Litigation
Loss Contingencies
Loss Contingency, Asserted Claim	31
Release of Loss Contingency Accrual	15
Peruvian Tax Litigation, Before Interest | Pending Litigation
Loss Contingencies
Loss Contingency, Asserted Claim	26
Peruvian Tax Litigation, Income Tax witholding 2001 and 2002 | Pending Litigation
Loss Contingencies
Loss Contingency, Asserted Claim	3
Peruvian Tax Litigation, VAT for 2001 and 2002 | Pending Litigation
Loss Contingencies
Loss Contingency, Asserted Claim	7
Peruvian Tax Litigation, Disallowance of VAT in 2005 | Pending Litigation
Loss Contingencies
Loss Contingency, Asserted Claim	16
Employee Severance and Contractor Termination Disputes | Pending Litigation
Loss Contingencies
Loss Contingency, Asserted Claim	42
up to | Brazilian Tax Claims | Pending Litigation
Loss Contingencies
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 47
Brazilian Tax Reserve Release [Member] | Brazilian Tax Claims | Pending Litigation
Loss Contingencies
Loss Contingency Accrual, Period Increase (Decrease)		$ 6	$ 3
Loss Contingency Accrual, Payments			$ 5

Commitments, Contingencies an37

Commitments, Contingencies and Other Items - Other Commitments (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Amount outstanding under letters of credit or other similar obligations	$ 48	$ 46
Collateralized by cash, that is reflected on the consolidated balance sheets as restricted cash	$ 42	$ 43

Condensed Consolidating Finan38

Condensed Consolidating Financial Information - Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Consolidating Financial Information
Revenue	$ 2,051	$ 2,053
Costs and Expenses:
Network access costs	694	723
Network related expenses	338	356
Depreciation and amortization	301	288
Selling, general and administrative Expenses	356	370
Total Costs and Expenses	1,689	1,737
Operating Income (Loss)	362	316
Other Income (Expense):
Interest income	1	1
Interest expense	(135)	(180)
Interest income (expense) affiliates, net	0	0
Equity in net earnings (losses) of subsidiaries	0	0
Other, net	(10)	(10)
Total Other Expense	(144)	(189)
Income (Loss) before Income Taxes	218	127
Income Tax Expense	(94)	(5)
Net Income (Loss)	124	122
Other Comprehensive Income (Loss), Net of Income Taxes	45	(141)
Comprehensive Income (Loss)	169	(19)
Level 3 Communications, Inc.
Condensed Consolidating Financial Information
Revenue	0	0
Costs and Expenses:
Network access costs	0	0
Network related expenses	0	0
Depreciation and amortization	0	0
Selling, general and administrative Expenses	1	1
Total Costs and Expenses	1	1
Operating Income (Loss)	(1)	(1)
Other Income (Expense):
Interest income	0	0
Interest expense	(9)	(19)
Interest income (expense) affiliates, net	342	333
Equity in net earnings (losses) of subsidiaries	(212)	(191)
Other, net	0	0
Total Other Expense	121	123
Income (Loss) before Income Taxes	120	122
Income Tax Expense	4	0
Net Income (Loss)	124	122
Other Comprehensive Income (Loss), Net of Income Taxes	45	(141)
Comprehensive Income (Loss)	169	(19)
Level 3 Financing, Inc.
Condensed Consolidating Financial Information
Revenue	0	0
Costs and Expenses:
Network access costs	0	0
Network related expenses	0	0
Depreciation and amortization	0	0
Selling, general and administrative Expenses	1	0
Total Costs and Expenses	1	0
Operating Income (Loss)	(1)	0
Other Income (Expense):
Interest income	0	0
Interest expense	(128)	(155)
Interest income (expense) affiliates, net	531	501
Equity in net earnings (losses) of subsidiaries	(541)	(536)
Other, net	0	0
Total Other Expense	(138)	(190)
Income (Loss) before Income Taxes	(139)	(190)
Income Tax Expense	(73)	(1)
Net Income (Loss)	(212)	(191)
Other Comprehensive Income (Loss), Net of Income Taxes	0	0
Comprehensive Income (Loss)	(212)	(191)
Level 3 Communications, LLC
Condensed Consolidating Financial Information
Revenue	866	818
Costs and Expenses:
Network access costs	320	320
Network related expenses	237	230
Depreciation and amortization	88	74
Selling, general and administrative Expenses	250	247
Total Costs and Expenses	895	871
Operating Income (Loss)	(29)	(53)
Other Income (Expense):
Interest income	0	0
Interest expense	(1)	(1)
Interest income (expense) affiliates, net	(801)	(766)
Equity in net earnings (losses) of subsidiaries	199	177
Other, net	2	2
Total Other Expense	(601)	(588)
Income (Loss) before Income Taxes	(630)	(641)
Income Tax Expense	(1)	0
Net Income (Loss)	(631)	(641)
Other Comprehensive Income (Loss), Net of Income Taxes	0	0
Comprehensive Income (Loss)	(631)	(641)
Other Non-Guarantor Subsidiaries
Condensed Consolidating Financial Information
Revenue	1,219	1,287
Costs and Expenses:
Network access costs	408	455
Network related expenses	101	126
Depreciation and amortization	213	214
Selling, general and administrative Expenses	104	122
Total Costs and Expenses	826	917
Operating Income (Loss)	393	370
Other Income (Expense):
Interest income	1	1
Interest expense	3	(5)
Interest income (expense) affiliates, net	(72)	(68)
Equity in net earnings (losses) of subsidiaries	0	0
Other, net	(12)	(12)
Total Other Expense	(80)	(84)
Income (Loss) before Income Taxes	313	286
Income Tax Expense	(24)	(4)
Net Income (Loss)	289	282
Other Comprehensive Income (Loss), Net of Income Taxes	45	(141)
Comprehensive Income (Loss)	334	141
Eliminations
Condensed Consolidating Financial Information
Revenue	(34)	(52)
Costs and Expenses:
Network access costs	(34)	(52)
Network related expenses	0	0
Depreciation and amortization	0	0
Selling, general and administrative Expenses	0	0
Total Costs and Expenses	(34)	(52)
Operating Income (Loss)	0	0
Other Income (Expense):
Interest income	0	0
Interest expense	0	0
Interest income (expense) affiliates, net	0	0
Equity in net earnings (losses) of subsidiaries	554	550
Other, net	0	0
Total Other Expense	554	550
Income (Loss) before Income Taxes	554	550
Income Tax Expense	0	0
Net Income (Loss)	554	550
Other Comprehensive Income (Loss), Net of Income Taxes	(45)	141
Comprehensive Income (Loss)	$ 509	$ 691

Condensed Consolidating Finan39

Condensed Consolidating Financial Information - Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 1,004	$ 854	$ 1,114	$ 580
Restricted cash and securities	837	8
Receivables, less allowances for doubtful accounts	807	757
Due from affiliates	0	0
Other	141	111
Total Current Assets	2,789	1,730
Property, Plant and Equipment, net	9,974	9,878
Restricted Cash and Securities	41	42
Goodwill and Other Intangibles Assets, net	8,820	8,876
Investment in Subsidiaries	0	0
Deferred Tax Assets	3,365	3,441
Other Assets, net	50	50
Total Assets	25,039	24,017
Liabilities and Stockholders' Equity:
Accounts payable	680	629
Current portion of long-term debt	781	15
Accrued payroll and employee benefits	146	218
Accrued interest	131	108
Current portion of deferred revenue	283	267
Due to affiliates	0	0
Other	166	179
Total Current Liabilities	2,187	1,416
Long-Term Debt, less current portion	10,870	10,866
Deferred Revenue, less current portion	1,012	977
Other Liabilities	$ 628	$ 632
Commitments and Contingencies
Stockholders' Equity (Deficit)	$ 10,342	$ 10,126
Total Liabilities and Stockholders’ Equity (Deficit)	25,039	24,017
Level 3 Communications, Inc.
Current Assets:
Cash and cash equivalents	12	12	14	7
Restricted cash and securities	0	0
Receivables, less allowances for doubtful accounts	0	0
Due from affiliates	12,778	12,415
Other	0	0
Total Current Assets	12,790	12,427
Property, Plant and Equipment, net	0	0
Restricted Cash and Securities	27	27
Goodwill and Other Intangibles Assets, net	0	0
Investment in Subsidiaries	16,800	16,772
Deferred Tax Assets	42	38
Other Assets, net	0	0
Total Assets	29,659	29,264
Liabilities and Stockholders' Equity:
Accounts payable	0	0
Current portion of long-term debt	0	0
Accrued payroll and employee benefits	0	0
Accrued interest	3	11
Current portion of deferred revenue	0	0
Due to affiliates	0	0
Other	0	0
Total Current Liabilities	3	11
Long-Term Debt, less current portion	591	591
Deferred Revenue, less current portion	0	0
Other Liabilities	$ 15	$ 15
Commitments and Contingencies
Stockholders' Equity (Deficit)	$ 29,050	$ 28,647
Total Liabilities and Stockholders’ Equity (Deficit)	29,659	29,264
Level 3 Financing, Inc.
Current Assets:
Cash and cash equivalents	6	6	5	5
Restricted cash and securities	829	0
Receivables, less allowances for doubtful accounts	0	0
Due from affiliates	23,210	22,759
Other	0	0
Total Current Assets	24,045	22,765
Property, Plant and Equipment, net	0	0
Restricted Cash and Securities	0	0
Goodwill and Other Intangibles Assets, net	0	0
Investment in Subsidiaries	17,709	17,714
Deferred Tax Assets	2,775	2,847
Other Assets, net	0	0
Total Assets	44,529	43,326
Liabilities and Stockholders' Equity:
Accounts payable	2	1
Current portion of long-term debt	766	0
Accrued payroll and employee benefits	0	0
Accrued interest	120	90
Current portion of deferred revenue	0	0
Due to affiliates	0	0
Other	0	0
Total Current Liabilities	888	91
Long-Term Debt, less current portion	10,094	10,092
Deferred Revenue, less current portion	0	0
Other Liabilities	$ 0	$ 0
Commitments and Contingencies
Stockholders' Equity (Deficit)	$ 33,547	$ 33,143
Total Liabilities and Stockholders’ Equity (Deficit)	44,529	43,326
Level 3 Communications, LLC
Current Assets:
Cash and cash equivalents	886	727	841	307
Restricted cash and securities	1	1
Receivables, less allowances for doubtful accounts	48	47
Due from affiliates	0	0
Other	86	56
Total Current Assets	1,021	831
Property, Plant and Equipment, net	3,528	3,423
Restricted Cash and Securities	13	14
Goodwill and Other Intangibles Assets, net	360	363
Investment in Subsidiaries	3,730	3,734
Deferred Tax Assets	0	0
Other Assets, net	12	12
Total Assets	8,664	8,377
Liabilities and Stockholders' Equity:
Accounts payable	297	195
Current portion of long-term debt	2	2
Accrued payroll and employee benefits	103	186
Accrued interest	0	0
Current portion of deferred revenue	117	119
Due to affiliates	38,199	37,990
Other	121	115
Total Current Liabilities	38,839	38,607
Long-Term Debt, less current portion	14	15
Deferred Revenue, less current portion	708	680
Other Liabilities	$ 135	$ 133
Commitments and Contingencies
Stockholders' Equity (Deficit)	$ (31,032)	$ (31,058)
Total Liabilities and Stockholders’ Equity (Deficit)	8,664	8,377
Other Non-Guarantor Subsidiaries
Current Assets:
Cash and cash equivalents	100	109	254	261
Restricted cash and securities	7	7
Receivables, less allowances for doubtful accounts	759	710
Due from affiliates	2,211	2,816
Other	55	55
Total Current Assets	3,132	3,697
Property, Plant and Equipment, net	6,446	6,455
Restricted Cash and Securities	1	1
Goodwill and Other Intangibles Assets, net	8,460	8,513
Investment in Subsidiaries	0	0
Deferred Tax Assets	548	556
Other Assets, net	38	38
Total Assets	18,625	19,260
Liabilities and Stockholders' Equity:
Accounts payable	381	433
Current portion of long-term debt	13	13
Accrued payroll and employee benefits	43	32
Accrued interest	8	7
Current portion of deferred revenue	166	148
Due to affiliates	0	0
Other	45	64
Total Current Liabilities	656	697
Long-Term Debt, less current portion	171	168
Deferred Revenue, less current portion	304	297
Other Liabilities	$ 478	$ 484
Commitments and Contingencies
Stockholders' Equity (Deficit)	$ 17,016	$ 17,614
Total Liabilities and Stockholders’ Equity (Deficit)	18,625	19,260
Eliminations
Current Assets:
Cash and cash equivalents	0	0	$ 0	$ 0
Restricted cash and securities	0	0
Receivables, less allowances for doubtful accounts	0	0
Due from affiliates	(38,199)	(37,990)
Other	0	0
Total Current Assets	(38,199)	(37,990)
Property, Plant and Equipment, net	0	0
Restricted Cash and Securities	0	0
Goodwill and Other Intangibles Assets, net	0	0
Investment in Subsidiaries	(38,239)	(38,220)
Deferred Tax Assets	0	0
Other Assets, net	0	0
Total Assets	(76,438)	(76,210)
Liabilities and Stockholders' Equity:
Accounts payable	0	0
Current portion of long-term debt	0	0
Accrued payroll and employee benefits	0	0
Accrued interest	0	0
Current portion of deferred revenue	0	0
Due to affiliates	(38,199)	(37,990)
Other	0	0
Total Current Liabilities	(38,199)	(37,990)
Long-Term Debt, less current portion	0	0
Deferred Revenue, less current portion	0	0
Other Liabilities	$ 0	$ 0
Commitments and Contingencies
Stockholders' Equity (Deficit)	$ (38,239)	$ (38,220)
Total Liabilities and Stockholders’ Equity (Deficit)	$ (76,438)	$ (76,210)

Condensed Consolidating Finan40

Condensed Consolidating Financial Information - Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Consolidating Financial Information
Net Cash Provided by (Used in) Operating Activities	$ 510	$ 305
Cash Flows from Investing Activities:
Capital expenditures	(297)	(254)
(Increase) decrease in restricted cash and securities, net	(828)	1
Proceeds from sale of property, plant, and equipment and other assets		1
Net Cash Used in Investing Activities	(1,125)	(252)
Cash Flows from Financing Activities:
Long-term debt borrowings, net of issuance costs	765	492
Payments on and repurchases of long-term debt and capital leases	(1)	(2)
Increase (decrease) due from-to affiliates, net	0	0
Net Cash Provided by (Used in) Financing Activities	764	490
Effect of Exchange Rates on Cash and Cash Equivalents	1	(9)
Net Change in Cash and Cash Equivalents	150	534
Cash and Cash Equivalents at Beginning of Period	854	580
Cash and Cash Equivalents at End of Period	1,004	1,114
Level 3 Communications, Inc.
Condensed Consolidating Financial Information
Net Cash Provided by (Used in) Operating Activities	(17)	(7)
Cash Flows from Investing Activities:
Capital expenditures	0	0
(Increase) decrease in restricted cash and securities, net	0	0
Proceeds from sale of property, plant, and equipment and other assets		0
Net Cash Used in Investing Activities	0	0
Cash Flows from Financing Activities:
Long-term debt borrowings, net of issuance costs	0	0
Payments on and repurchases of long-term debt and capital leases	0	0
Increase (decrease) due from-to affiliates, net	17	14
Net Cash Provided by (Used in) Financing Activities	17	14
Effect of Exchange Rates on Cash and Cash Equivalents	0	0
Net Change in Cash and Cash Equivalents	0	7
Cash and Cash Equivalents at Beginning of Period	12	7
Cash and Cash Equivalents at End of Period	12	14
Level 3 Financing, Inc.
Condensed Consolidating Financial Information
Net Cash Provided by (Used in) Operating Activities	(92)	(137)
Cash Flows from Investing Activities:
Capital expenditures	0	0
(Increase) decrease in restricted cash and securities, net	(829)	0
Proceeds from sale of property, plant, and equipment and other assets		0
Net Cash Used in Investing Activities	(829)	0
Cash Flows from Financing Activities:
Long-term debt borrowings, net of issuance costs	765	492
Payments on and repurchases of long-term debt and capital leases	0	0
Increase (decrease) due from-to affiliates, net	156	(355)
Net Cash Provided by (Used in) Financing Activities	921	137
Effect of Exchange Rates on Cash and Cash Equivalents	0	0
Net Change in Cash and Cash Equivalents	0	0
Cash and Cash Equivalents at Beginning of Period	6	5
Cash and Cash Equivalents at End of Period	6	5
Level 3 Communications, LLC
Condensed Consolidating Financial Information
Net Cash Provided by (Used in) Operating Activities	130	(82)
Cash Flows from Investing Activities:
Capital expenditures	(159)	(77)
(Increase) decrease in restricted cash and securities, net	1	1
Proceeds from sale of property, plant, and equipment and other assets		0
Net Cash Used in Investing Activities	(158)	(76)
Cash Flows from Financing Activities:
Long-term debt borrowings, net of issuance costs	0	0
Payments on and repurchases of long-term debt and capital leases	0	0
Increase (decrease) due from-to affiliates, net	187	692
Net Cash Provided by (Used in) Financing Activities	187	692
Effect of Exchange Rates on Cash and Cash Equivalents	0	0
Net Change in Cash and Cash Equivalents	159	534
Cash and Cash Equivalents at Beginning of Period	727	307
Cash and Cash Equivalents at End of Period	886	841
Other Non-Guarantor Subsidiaries
Condensed Consolidating Financial Information
Net Cash Provided by (Used in) Operating Activities	489	531
Cash Flows from Investing Activities:
Capital expenditures	(138)	(177)
(Increase) decrease in restricted cash and securities, net	0	0
Proceeds from sale of property, plant, and equipment and other assets		1
Net Cash Used in Investing Activities	(138)	(176)
Cash Flows from Financing Activities:
Long-term debt borrowings, net of issuance costs	0	0
Payments on and repurchases of long-term debt and capital leases	(1)	(2)
Increase (decrease) due from-to affiliates, net	(360)	(351)
Net Cash Provided by (Used in) Financing Activities	(361)	(353)
Effect of Exchange Rates on Cash and Cash Equivalents	1	(9)
Net Change in Cash and Cash Equivalents	(9)	(7)
Cash and Cash Equivalents at Beginning of Period	109	261
Cash and Cash Equivalents at End of Period	100	254
Eliminations
Condensed Consolidating Financial Information
Net Cash Provided by (Used in) Operating Activities	0	0
Cash Flows from Investing Activities:
Capital expenditures	0	0
(Increase) decrease in restricted cash and securities, net	0	0
Proceeds from sale of property, plant, and equipment and other assets		0
Net Cash Used in Investing Activities	0	0
Cash Flows from Financing Activities:
Long-term debt borrowings, net of issuance costs	0	0
Payments on and repurchases of long-term debt and capital leases	0	0
Increase (decrease) due from-to affiliates, net	0	0
Net Cash Provided by (Used in) Financing Activities	0	0
Effect of Exchange Rates on Cash and Cash Equivalents	0	0
Net Change in Cash and Cash Equivalents	0	0
Cash and Cash Equivalents at Beginning of Period	0	0
Cash and Cash Equivalents at End of Period	$ 0	$ 0