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EXHIBIT 99C.3
CONSOLIDATED STATEMENTS OF U S WEST, Inc.
CASH FLOWS (UNAUDITED) Six Months Ended
June 30,
In millions 1997 1996
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OPERATING ACTIVITIES
Net income $ 468 $ 644
Adjustments to net income:
Depreciation and amortization 1,660 1,172
Equity losses in unconsolidated ventures 318 143
Gains on sales of investments (95) -
Gains on sales of rural telephone exchanges (47) (49)
Cumulative effect of change in accounting
principle - (34)
Deferred income taxes and amortization
of investment tax credits (85) (50)
Changes in operating assets and liabilities:
Restructuring payments (50) (82)
Postretirement medical and life costs,
net of cash fundings 10 (24)
Accounts and notes receivable (11) 21
Inventories, supplies and other (91) (45)
Accounts payable and accrued liabilities 384 (55)
Other - net 117 (10)
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Cash provided by operating activities 2,578 1,631
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INVESTING ACTIVITIES
Expenditures for property, plant and equipment (1,558) (1,509)
Investment in Continental Cablevision (1,150) -
Investment in international ventures (44) (139)
Proceeds from asset sales 575 -
Proceeds from disposals of property, plant
and equipment 32 104
Cash from net investment in assets
held for sale 50 93
Other - net (141) (74)
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Cash (used for) investing activities (2,236) (1,525)
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FINANCING ACTIVITIES
Proceeds from (repayments of) short-term
debt - net (3,714) 340
Proceeds from issuance of long-term debt 4,110 330
Repayments of long-term debt (193) (476)
Dividends paid on common and preferred stock (498) (469)
Proceeds from issuance of common stock 49 104
Purchases of treasury stock (53) -
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Cash (used for) financing activities (299) (171)
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CASH AND CASH EQUIVALENTS
Decrease 43 (65)
Beginning balance 201 192
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Ending balance $ 244 $ 127
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