Condensed Consolidating Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2017 |
Condensed Consolidating Financial Information [Abstract] | |
Condensed Consolidating Financial Information | (11) Condensed Consolidating Financial Information Level 3 Financing, Inc., a wholly owned subsidiary, 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 Level 3 Financing, Inc. 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 our Consolidated Financial Statements are interdependent. The accompanying condensed consolidating financial information presents the statements of comprehensive income, balance sheets and statements of 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 our consolidated results. Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended June 30, 2017 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Revenue $ — $ — $ 933 $ 1,174 $ (46 ) $ 2,061 Costs and Expense: Network Access Costs — — 339 382 (46 ) 675 Network Related Expenses — — 246 91 — 337 Depreciation and Amortization — — 109 221 — 330 Selling, General and Administrative Expenses 1 1 294 70 — 366 Total Costs and Expenses 1 1 988 764 (46 ) 1,708 Operating Income (Loss) (1 ) (1 ) (55 ) 410 — 353 Other Income (Expense): Interest income — — 3 — — 3 Interest expense (9 ) (117 ) (1 ) (5 ) — (132 ) Interest income (expense) affiliates, net 378 567 (868 ) (77 ) — — Equity in net earnings (losses) of subsidiaries (216 ) (632 ) 200 — 648 — Other, net — — (1 ) — — (1 ) Total Other Income (Expense) 153 (182 ) (667 ) (82 ) 648 (130 ) Income (Loss) before Income Taxes 152 (183 ) (722 ) 328 648 223 Income Tax Benefit (Expense) 2 (33 ) (1 ) (37 ) — (69 ) Net Income (Loss) 154 (216 ) (723 ) 291 648 154 Other Comprehensive Income (Loss), Net of Income Taxes 41 — — 41 (41 ) 41 Comprehensive Income (Loss) $ 195 $ (216 ) $ (723 ) $ 332 $ 607 $ 195 Condensed Consolidating Statements of Comprehensive Income (Loss) Six Months Ended June 30, 2017 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Revenue $ — $ — $ 1,853 $ 2,331 $ (75 ) $ 4,109 Costs and Expense: Network Access Costs — — 662 779 (75 ) 1,366 Network Related Expenses — — 489 184 — 673 Depreciation and Amortization — — 213 437 — 650 Selling, General and Administrative Expenses 2 2 571 155 — 730 Total Costs and Expenses 2 2 1,935 1,555 (75 ) 3,419 Operating Income (Loss) (2 ) (2 ) (82 ) 776 — 690 Other Income (Expense): Interest income — — 5 — — 5 Interest expense (18 ) (237 ) (2 ) (9 ) — (266 ) Interest income (expense) affiliates, net 755 1,141 (1,737 ) (159 ) — — Equity in net earnings (losses) of subsidiaries (491 ) (1,278 ) 403 — 1,366 — Other, net — (44 ) 4 (1 ) — (41 ) Total Other Income (Expense) 246 (418 ) (1,327 ) (169 ) 1,366 (302 ) Income (Loss) before Income Taxes 244 (420 ) (1,409 ) 607 1,366 388 Income Tax Benefit (Expense) 5 (71 ) (1 ) (72 ) — (139 ) Net Income (Loss) 249 (491 ) (1,410 ) 535 1,366 249 Other Comprehensive Income (Loss), Net of Income Taxes 62 — — 62 (62 ) 62 Comprehensive Income (Loss) $ 311 $ (491 ) $ (1,410 ) $ 597 $ 1,304 $ 311 Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended June 30, 2016 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Revenue $ — $ — $ 879 $ 1,211 $ (34 ) $ 2,056 Costs and Expense: Network Access Costs — — 315 395 (34 ) 676 Network Related Expenses — — 237 102 — 339 Depreciation and Amortization — — 92 218 — 310 Selling, General and Administrative Expenses 1 2 263 91 — 357 Total Costs and Expenses 1 2 907 806 (34 ) 1,682 Operating (Loss) Income (1 ) (2 ) (28 ) 405 — 374 Other Income (Expense): Interest income — — 1 — — 1 Interest expense (9 ) (128 ) — (3 ) — (140 ) Interest income (expense) affiliates, net 343 528 (802 ) (69 ) — — Equity in net earnings (losses) of subsidiaries (187 ) (489 ) 201 — 475 — Other, net — (39 ) 1 (7 ) — (45 ) Total Other Income (Expense) 147 (128 ) (599 ) (79 ) 475 (184 ) Income (Loss) before Income Taxes 146 (130 ) (627 ) 326 475 190 Income Tax Expense 3 (50 ) (1 ) 14 — (34 ) Net Income (Loss) 149 (180 ) (628 ) 340 475 156 Other Comprehensive Income (Loss), Net of Income Taxes (22 ) — — (22 ) 22 (22 ) Comprehensive Income (Loss) $ 127 $ (180 ) $ (628 ) $ 318 $ 497 $ 134 Condensed Consolidating Statements of Comprehensive Income (Loss) Six Months Ended June 30, 2016 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Revenue $ — $ — $ 1,745 $ 2,430 $ (68 ) $ 4,107 Costs and Expense: Network Access Costs — — 635 803 (68 ) 1,370 Network Related Expenses — — 474 203 — 677 Depreciation and Amortization — — 180 431 — 611 Selling, General and Administrative Expenses 2 3 513 195 — 713 Total Costs and Expenses 2 3 1,802 1,632 (68 ) 3,371 Operating (Loss) Income (2 ) (3 ) (57 ) 798 — 736 Other Income (Expense): Interest income — — 1 1 — 2 Interest expense (18 ) (256 ) (1 ) — — (275 ) Interest income (expense) affiliates, net 685 1,059 (1,603 ) (141 ) — — Equity in net earnings (losses) of subsidiaries (399 ) (1,030 ) 400 — 1,029 — Other, net — (39 ) 3 (19 ) — (55 ) Total Other Income (Expense) 268 (266 ) (1,200 ) (159 ) 1,029 (328 ) Income (Loss) before Income Taxes 266 (269 ) (1,257 ) 639 1,029 408 Income Tax Expense 7 (119 ) (2 ) (10 ) — (124 ) Net Income (Loss) 273 (388 ) (1,259 ) 629 1,029 284 Other Comprehensive Income (Loss), Net of Income Taxes 23 — — 23 (23 ) 23 Comprehensive Income (Loss) $ 296 $ (388 ) $ (1,259 ) $ 652 $ 1,006 $ 307 Condensed Consolidating Balance Sheets June 30, 2017 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 $ 14 $ — $ 938 $ 104 $ — $ 1,056 Marketable Securities — — 1,127 — — 1,127 Restricted cash and securities — — 1 4 — 5 Receivables, less allowances for doubtful accounts — — 4 703 — 707 Due from affiliates 17,832 22,581 — 2,824 (43,237 ) — Other — — 116 25 — 141 Total Current Assets 17,846 22,581 2,186 3,660 (43,237 ) 3,036 Property, Plant, and Equipment, net — — 4,105 6,287 — 10,392 Restricted Cash and Securities 19 — 10 — — 29 Goodwill and Other Intangibles, net — — 352 8,194 — 8,546 Investment in Subsidiaries 16,926 17,664 3,639 — (38,229 ) — Deferred Tax Assets 55 2,617 (1 ) 564 — 3,235 Other Assets, net — — 14 35 — 49 Total Assets $ 34,846 $ 42,862 $ 10,305 $ 18,740 $ (81,466 ) $ 25,287 Liabilities and Stockholders' Equity (Deficit) Current Liabilities: Accounts payable $ — $ 1 $ 324 $ 368 $ — $ 693 Current portion of long-term debt — 299 2 5 — 306 Accrued payroll and employee benefits — — 149 29 — 178 Accrued interest 11 79 — 7 — 97 Current portion of deferred revenue — — 111 151 — 262 Due to affiliates — — 43,237 — (43,237 ) — Other — (1 ) 130 33 — 162 Total Current Liabilities 11 378 43,953 593 (43,237 ) 1,698 Long-Term Debt, less current portion 593 9,816 12 163 — 10,584 Deferred Revenue, less current portion — — 781 277 — 1,058 Other Liabilities 16 — 164 452 — 632 Commitments and Contingencies — Stockholders' Equity (Deficit) 34,226 32,668 (34,605 ) 17,255 (38,229 ) 11,315 Total Liabilities and Stockholders' Equity (Deficit) $ 34,846 $ 42,862 $ 10,305 $ 18,740 $ (81,466 ) $ 25,287 Condensed Consolidating Balance Sheets December 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 $ 15 $ — $ 1,700 $ 104 $ — $ 1,819 Restricted cash and securities — — 1 6 — 7 Receivables, less allowances for doubtful accounts — — 26 686 — 712 Due from affiliates 17,032 21,715 — 2,180 (40,927 ) — Other — — 87 28 — 115 Total Current Assets 17,047 21,715 1,814 3,004 (40,927 ) 2,653 Property, Plant, and Equipment, net — — 3,869 6,270 — 10,139 Restricted Cash and Securities 22 — 9 — — 31 Goodwill and Other Intangibles, net — — 353 8,291 — 8,644 Investment in Subsidiaries 16,869 17,599 3,674 — (38,142 ) — Deferred Tax Assets 51 2,687 — 632 — 3,370 Other Assets, net — — 16 35 — 51 Total Assets $ 33,989 $ 42,001 $ 9,735 $ 18,232 $ (79,069 ) $ 24,888 Liabilities and Stockholders' Equity (Deficit) Current Liabilities: Accounts payable $ — $ — $ 307 $ 399 $ — $ 706 Current portion of long-term debt — — 2 5 — 7 Accrued payroll and employee benefits — — 160 35 — 195 Accrued interest 11 110 — 8 — 129 Current portion of deferred revenue — — 116 150 — 266 Due to affiliates — — 40,927 — (40,927 ) — Other — — 127 41 — 168 Total Current Liabilities 11 110 41,639 638 (40,927 ) 1,471 Long-Term Debt, less current portion 592 10,108 13 164 — 10,877 Deferred Revenue, less current portion — — 719 282 — 1,001 Other Liabilities 16 — 155 451 — 622 Commitments and Contingencies Stockholders' Equity (Deficit) 33,370 31,783 (32,791 ) 16,697 (38,142 ) 10,917 Total Liabilities and Stockholders' Equity (Deficit) $ 33,989 $ 42,001 $ 9,735 $ 18,232 $ (79,069 ) $ 24,888 Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2017 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 $ (14 ) $ (267 ) $ 352 $ 1,029 $ — $ 1,100 Cash Flows from Investing Activities: Capital expenditures — — (427 ) (269 ) — (696 ) Decrease (increase) in restricted cash and securities, net 3 — (1 ) 2 — 4 Purchases of marketable securities — — (1,127 ) — — (1,127 ) Proceeds from the sale of property, plant and equipment and other assets — — — — — — Net Cash Provided by (Used in) Investing Activities 3 — (1,555 ) (267 ) — (1,819 ) Cash Flows from Financing Activities: Long-term debt borrowings, net of issuance costs — 4,569 — — — 4,569 Payments on and repurchases of long-term debt and capital leases — (4,611 ) (1 ) (3 ) — (4,615 ) Increase (decrease) due from/to affiliates, net 10 309 442 (761 ) — — Net Cash Provided by (Used in) Financing Activities 10 267 441 (764 ) — (46 ) Effect of Exchange Rates on Cash and Cash Equivalents — — — 2 — 2 Net Change in Cash and Cash Equivalents (1 ) — (762 ) — — (763 ) Cash and Cash Equivalents at Beginning of Period 15 — 1,700 104 — 1,819 Cash and Cash Equivalents at End of Period $ 14 $ — $ 938 $ 104 $ — $ 1,056 Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 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 $ (18 ) $ (225 ) $ 274 $ 1,110 $ — $ 1,141 Cash Flows from Investing Activities: Capital expenditures — — (333 ) (331 ) — (664 ) Decrease in restricted cash and securities, net 5 — 6 — — 11 Proceeds from the sale of property, plant and equipment and other assets — — — 1 — 1 Net Cash Used in Investing Activities 5 — (327 ) (330 ) — (652 ) Cash Flows from Financing Activities: Long-term debt borrowings, net of issuance costs — 764 — — — 764 Payments on and repurchases of long-term debt and capital leases — (806 ) — (10 ) — (816 ) Increase (decrease) due from/to affiliates, net 12 267 528 (807 ) — — Net Cash Provided by (Used in) Financing Activities 12 225 528 (817 ) — (52 ) Effect of Exchange Rates on Cash and Cash Equivalents — — — — — — Net Change in Cash and Cash Equivalents (1 ) — 475 (37 ) — 437 Cash and Cash Equivalents at Beginning of Period 12 6 727 109 — 854 Cash and Cash Equivalents at End of Period $ 11 $ 6 $ 1,202 $ 72 $ — $ 1,291 |
Schedule of Condensed Consolidating Statements of Comprehensive Income (Loss) | Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended June 30, 2017 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Revenue $ — $ — $ 933 $ 1,174 $ (46 ) $ 2,061 Costs and Expense: Network Access Costs — — 339 382 (46 ) 675 Network Related Expenses — — 246 91 — 337 Depreciation and Amortization — — 109 221 — 330 Selling, General and Administrative Expenses 1 1 294 70 — 366 Total Costs and Expenses 1 1 988 764 (46 ) 1,708 Operating Income (Loss) (1 ) (1 ) (55 ) 410 — 353 Other Income (Expense): Interest income — — 3 — — 3 Interest expense (9 ) (117 ) (1 ) (5 ) — (132 ) Interest income (expense) affiliates, net 378 567 (868 ) (77 ) — — Equity in net earnings (losses) of subsidiaries (216 ) (632 ) 200 — 648 — Other, net — — (1 ) — — (1 ) Total Other Income (Expense) 153 (182 ) (667 ) (82 ) 648 (130 ) Income (Loss) before Income Taxes 152 (183 ) (722 ) 328 648 223 Income Tax Benefit (Expense) 2 (33 ) (1 ) (37 ) — (69 ) Net Income (Loss) 154 (216 ) (723 ) 291 648 154 Other Comprehensive Income (Loss), Net of Income Taxes 41 — — 41 (41 ) 41 Comprehensive Income (Loss) $ 195 $ (216 ) $ (723 ) $ 332 $ 607 $ 195 Condensed Consolidating Statements of Comprehensive Income (Loss) Six Months Ended June 30, 2017 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Revenue $ — $ — $ 1,853 $ 2,331 $ (75 ) $ 4,109 Costs and Expense: Network Access Costs — — 662 779 (75 ) 1,366 Network Related Expenses — — 489 184 — 673 Depreciation and Amortization — — 213 437 — 650 Selling, General and Administrative Expenses 2 2 571 155 — 730 Total Costs and Expenses 2 2 1,935 1,555 (75 ) 3,419 Operating Income (Loss) (2 ) (2 ) (82 ) 776 — 690 Other Income (Expense): Interest income — — 5 — — 5 Interest expense (18 ) (237 ) (2 ) (9 ) — (266 ) Interest income (expense) affiliates, net 755 1,141 (1,737 ) (159 ) — — Equity in net earnings (losses) of subsidiaries (491 ) (1,278 ) 403 — 1,366 — Other, net — (44 ) 4 (1 ) — (41 ) Total Other Income (Expense) 246 (418 ) (1,327 ) (169 ) 1,366 (302 ) Income (Loss) before Income Taxes 244 (420 ) (1,409 ) 607 1,366 388 Income Tax Benefit (Expense) 5 (71 ) (1 ) (72 ) — (139 ) Net Income (Loss) 249 (491 ) (1,410 ) 535 1,366 249 Other Comprehensive Income (Loss), Net of Income Taxes 62 — — 62 (62 ) 62 Comprehensive Income (Loss) $ 311 $ (491 ) $ (1,410 ) $ 597 $ 1,304 $ 311 Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended June 30, 2016 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Revenue $ — $ — $ 879 $ 1,211 $ (34 ) $ 2,056 Costs and Expense: Network Access Costs — — 315 395 (34 ) 676 Network Related Expenses — — 237 102 — 339 Depreciation and Amortization — — 92 218 — 310 Selling, General and Administrative Expenses 1 2 263 91 — 357 Total Costs and Expenses 1 2 907 806 (34 ) 1,682 Operating (Loss) Income (1 ) (2 ) (28 ) 405 — 374 Other Income (Expense): Interest income — — 1 — — 1 Interest expense (9 ) (128 ) — (3 ) — (140 ) Interest income (expense) affiliates, net 343 528 (802 ) (69 ) — — Equity in net earnings (losses) of subsidiaries (187 ) (489 ) 201 — 475 — Other, net — (39 ) 1 (7 ) — (45 ) Total Other Income (Expense) 147 (128 ) (599 ) (79 ) 475 (184 ) Income (Loss) before Income Taxes 146 (130 ) (627 ) 326 475 190 Income Tax Expense 3 (50 ) (1 ) 14 — (34 ) Net Income (Loss) 149 (180 ) (628 ) 340 475 156 Other Comprehensive Income (Loss), Net of Income Taxes (22 ) — — (22 ) 22 (22 ) Comprehensive Income (Loss) $ 127 $ (180 ) $ (628 ) $ 318 $ 497 $ 134 Condensed Consolidating Statements of Comprehensive Income (Loss) Six Months Ended June 30, 2016 Level 3 Communications, Inc. Level 3 Financing, Inc. Level 3 Communications, LLC Other Non-Guarantor Subsidiaries Eliminations Total (dollars in millions) Revenue $ — $ — $ 1,745 $ 2,430 $ (68 ) $ 4,107 Costs and Expense: Network Access Costs — — 635 803 (68 ) 1,370 Network Related Expenses — — 474 203 — 677 Depreciation and Amortization — — 180 431 — 611 Selling, General and Administrative Expenses 2 3 513 195 — 713 Total Costs and Expenses 2 3 1,802 1,632 (68 ) 3,371 Operating (Loss) Income (2 ) (3 ) (57 ) 798 — 736 Other Income (Expense): Interest income — — 1 1 — 2 Interest expense (18 ) (256 ) (1 ) — — (275 ) Interest income (expense) affiliates, net 685 1,059 (1,603 ) (141 ) — — Equity in net earnings (losses) of subsidiaries (399 ) (1,030 ) 400 — 1,029 — Other, net — (39 ) 3 (19 ) — (55 ) Total Other Income (Expense) 268 (266 ) (1,200 ) (159 ) 1,029 (328 ) Income (Loss) before Income Taxes 266 (269 ) (1,257 ) 639 1,029 408 Income Tax Expense 7 (119 ) (2 ) (10 ) — (124 ) Net Income (Loss) 273 (388 ) (1,259 ) 629 1,029 284 Other Comprehensive Income (Loss), Net of Income Taxes 23 — — 23 (23 ) 23 Comprehensive Income (Loss) $ 296 $ (388 ) $ (1,259 ) $ 652 $ 1,006 $ 307 |
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets June 30, 2017 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 $ 14 $ — $ 938 $ 104 $ — $ 1,056 Marketable Securities — — 1,127 — — 1,127 Restricted cash and securities — — 1 4 — 5 Receivables, less allowances for doubtful accounts — — 4 703 — 707 Due from affiliates 17,832 22,581 — 2,824 (43,237 ) — Other — — 116 25 — 141 Total Current Assets 17,846 22,581 2,186 3,660 (43,237 ) 3,036 Property, Plant, and Equipment, net — — 4,105 6,287 — 10,392 Restricted Cash and Securities 19 — 10 — — 29 Goodwill and Other Intangibles, net — — 352 8,194 — 8,546 Investment in Subsidiaries 16,926 17,664 3,639 — (38,229 ) — Deferred Tax Assets 55 2,617 (1 ) 564 — 3,235 Other Assets, net — — 14 35 — 49 Total Assets $ 34,846 $ 42,862 $ 10,305 $ 18,740 $ (81,466 ) $ 25,287 Liabilities and Stockholders' Equity (Deficit) Current Liabilities: Accounts payable $ — $ 1 $ 324 $ 368 $ — $ 693 Current portion of long-term debt — 299 2 5 — 306 Accrued payroll and employee benefits — — 149 29 — 178 Accrued interest 11 79 — 7 — 97 Current portion of deferred revenue — — 111 151 — 262 Due to affiliates — — 43,237 — (43,237 ) — Other — (1 ) 130 33 — 162 Total Current Liabilities 11 378 43,953 593 (43,237 ) 1,698 Long-Term Debt, less current portion 593 9,816 12 163 — 10,584 Deferred Revenue, less current portion — — 781 277 — 1,058 Other Liabilities 16 — 164 452 — 632 Commitments and Contingencies — Stockholders' Equity (Deficit) 34,226 32,668 (34,605 ) 17,255 (38,229 ) 11,315 Total Liabilities and Stockholders' Equity (Deficit) $ 34,846 $ 42,862 $ 10,305 $ 18,740 $ (81,466 ) $ 25,287 Condensed Consolidating Balance Sheets December 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 $ 15 $ — $ 1,700 $ 104 $ — $ 1,819 Restricted cash and securities — — 1 6 — 7 Receivables, less allowances for doubtful accounts — — 26 686 — 712 Due from affiliates 17,032 21,715 — 2,180 (40,927 ) — Other — — 87 28 — 115 Total Current Assets 17,047 21,715 1,814 3,004 (40,927 ) 2,653 Property, Plant, and Equipment, net — — 3,869 6,270 — 10,139 Restricted Cash and Securities 22 — 9 — — 31 Goodwill and Other Intangibles, net — — 353 8,291 — 8,644 Investment in Subsidiaries 16,869 17,599 3,674 — (38,142 ) — Deferred Tax Assets 51 2,687 — 632 — 3,370 Other Assets, net — — 16 35 — 51 Total Assets $ 33,989 $ 42,001 $ 9,735 $ 18,232 $ (79,069 ) $ 24,888 Liabilities and Stockholders' Equity (Deficit) Current Liabilities: Accounts payable $ — $ — $ 307 $ 399 $ — $ 706 Current portion of long-term debt — — 2 5 — 7 Accrued payroll and employee benefits — — 160 35 — 195 Accrued interest 11 110 — 8 — 129 Current portion of deferred revenue — — 116 150 — 266 Due to affiliates — — 40,927 — (40,927 ) — Other — — 127 41 — 168 Total Current Liabilities 11 110 41,639 638 (40,927 ) 1,471 Long-Term Debt, less current portion 592 10,108 13 164 — 10,877 Deferred Revenue, less current portion — — 719 282 — 1,001 Other Liabilities 16 — 155 451 — 622 Commitments and Contingencies Stockholders' Equity (Deficit) 33,370 31,783 (32,791 ) 16,697 (38,142 ) 10,917 Total Liabilities and Stockholders' Equity (Deficit) $ 33,989 $ 42,001 $ 9,735 $ 18,232 $ (79,069 ) $ 24,888 |
Schedule of Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2017 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 $ (14 ) $ (267 ) $ 352 $ 1,029 $ — $ 1,100 Cash Flows from Investing Activities: Capital expenditures — — (427 ) (269 ) — (696 ) Decrease (increase) in restricted cash and securities, net 3 — (1 ) 2 — 4 Purchases of marketable securities — — (1,127 ) — — (1,127 ) Proceeds from the sale of property, plant and equipment and other assets — — — — — — Net Cash Provided by (Used in) Investing Activities 3 — (1,555 ) (267 ) — (1,819 ) Cash Flows from Financing Activities: Long-term debt borrowings, net of issuance costs — 4,569 — — — 4,569 Payments on and repurchases of long-term debt and capital leases — (4,611 ) (1 ) (3 ) — (4,615 ) Increase (decrease) due from/to affiliates, net 10 309 442 (761 ) — — Net Cash Provided by (Used in) Financing Activities 10 267 441 (764 ) — (46 ) Effect of Exchange Rates on Cash and Cash Equivalents — — — 2 — 2 Net Change in Cash and Cash Equivalents (1 ) — (762 ) — — (763 ) Cash and Cash Equivalents at Beginning of Period 15 — 1,700 104 — 1,819 Cash and Cash Equivalents at End of Period $ 14 $ — $ 938 $ 104 $ — $ 1,056 Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 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 $ (18 ) $ (225 ) $ 274 $ 1,110 $ — $ 1,141 Cash Flows from Investing Activities: Capital expenditures — — (333 ) (331 ) — (664 ) Decrease in restricted cash and securities, net 5 — 6 — — 11 Proceeds from the sale of property, plant and equipment and other assets — — — 1 — 1 Net Cash Used in Investing Activities 5 — (327 ) (330 ) — (652 ) Cash Flows from Financing Activities: Long-term debt borrowings, net of issuance costs — 764 — — — 764 Payments on and repurchases of long-term debt and capital leases — (806 ) — (10 ) — (816 ) Increase (decrease) due from/to affiliates, net 12 267 528 (807 ) — — Net Cash Provided by (Used in) Financing Activities 12 225 528 (817 ) — (52 ) Effect of Exchange Rates on Cash and Cash Equivalents — — — — — — Net Change in Cash and Cash Equivalents (1 ) — 475 (37 ) — 437 Cash and Cash Equivalents at Beginning of Period 12 6 727 109 — 854 Cash and Cash Equivalents at End of Period $ 11 $ 6 $ 1,202 $ 72 $ — $ 1,291 |