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EXHIBIT 99B.4
CONSOLIDATED STATEMENTS OF U S WEST, Inc.
CASH FLOWS (UNAUDITED)
Quarter Ended
March 31,
In millions 1995 1994
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OPERATING ACTIVITIES
Net income $330 $324
Adjustments to net income:
Depreciation and amortization 560 503
Gains on sales of rural
telephone exchanges (63) (24)
Equity losses in unconsolidated ventures 57 35
Deferred income taxes and amortization
of investment tax credits 20 75
Changes in operating assets and liabilities:
Restructuring payments (82) (22)
Accounts and notes receivable 32 26
Inventories, supplies and other (43) (59)
Accounts payable and accrued liabilities (103) (35)
Other - net (167) (66)
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Cash provided by operating activities 541 757
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INVESTING ACTIVITIES
Expenditures for property, plant and equipment (617) (654)
Investment in international ventures (182) (70)
Proceeds from disposals of property, plant
and equipment 92 18
Cash (to) from net investment in assets held
for sale (60) -
Other - net (63) (6)
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Cash (used) for investing activities (830) (712)
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FINANCING ACTIVITIES
Net proceeds from short-term debt 678 335
Proceeds from issuance of long-term debt - 182
Repayments of long-term debt (168) (116)
Dividends paid on common stock (230) (223)
Proceeds from issuance of common stock 11 256
Purchase of treasury stock (63) -
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Cash provided by financing activities 228 434
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Cash (used for) provided by continuing operations (61) 479
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Cash (to) from discontinued operations - (161)
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CASH AND CASH EQUIVALENTS
Increase (decrease) (61) 318
Beginning balance 209 128
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Ending balance $148 $446
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<FN>
<F1>
Note: Certain reclassifications within the financial
statements have been made to conform to the current year
presentation.
</FN>
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