EXHBIT 99B.4
CONSOLIDATED STATEMENTS OF U S WEST, Inc.
CASH FLOWS (UNAUDITED)
Six Months Ended
June 30,
In millions 1995 1994
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OPERATING ACTIVITIES
Net income $ 648 $ 699
Adjustments to net income:
Depreciation and amortization 1,122 1,010
Postretirement medical and life costs,
net of cash fundings (144) (48)
Gains on sales of assets:
Rural telephone exchanges (78) (48)
Paging assets - (68)
Equity losses in unconsolidated ventures 90 57
Deferred income taxes and amortization
of investment tax credits 63 90
Changes in operating assets and liabilities:
Restructuring payments (182) (63)
Accounts and notes receivable (127) (53)
Inventories, supplies and other (68) (101)
Accounts payable and accrued liabilities 39 7
Other - net 66 56
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Cash provided by operating activities 1,429 1,538
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INVESTING ACTIVITIES
Expenditures for property, plant and equipment (1,265) (1,282)
Investment in international ventures (291) (151)
Proceeds from disposals of property, plant
and equipment 112 47
Cash (to) from net investment in assets held
for sale (37) -
Other - net (281) (90)
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Cash (used) for investing activities (1,762) (1,476)
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FINANCING ACTIVITIES
Net proceeds from short-term debt 1,103 212
Proceeds from issuance of long-term debt - 251
Repayments of long-term debt (390) (327)
Dividends paid on common stock (462) (440)
Proceeds from issuance of common stock 23 295
Purchase of treasury stock (63) -
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Cash provided by (used for) financing activities 211 (9)
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Cash (used for) provided by continuing operations (122) 53
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Cash from discontinued operations - 48
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CASH AND CASH EQUIVALENTS
(Decrease) Increase (122) 101
Beginning balance 209 128
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Ending balance $ 87 $ 229
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<FN>
Note: Certain reclassifications within the financial
statements have been made to conform to the current year
presentation.
</FN>