CONSOLIDATED STATEMENTS OF CASH FLOWS U S WEST, Inc.
(UNAUDITED)
Six Months Ended
June 30,
In millions 1998 1997
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OPERATING ACTIVITIES
Net income $ 761 $ 836
Adjustments to net income:
Depreciation and amortization 1,067 1,075
Gains on sales of rural telephone exchanges - (47)
Deferred income taxes and amortization
of investment tax credits 89 (10)
Changes in operating assets and liabilities:
Accounts receivable 11 22
Inventories, supplies and other current assets (88) (62)
Accounts payable and accrued liabilities (76) 259
Other - net 88 95
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Cash provided by operating activities 1,852 2,168
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INVESTING ACTIVITIES
Expenditures for property, plant and equipment (1,283) (849)
Payment to MediaOne Group for the directory
business (Dex) (3,829) -
Proceeds from disposals of property, plant
and equipment 34 4
Purchase of PCS licenses (18) -
Proceeds from sales of rural telephone exchanges - 28
Other (34) -
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Cash (used for) investing activities (5,130) (817)
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FINANCING ACTIVITIES
Net proceeds from (repayments of) short-term debt 2,060 (669)
Net (repayments of) proceeds from issuance
of Old U S WEST debt (198) 11
Proceeds from issuance of long-term debt 3,066 -
Repayments of long-term debt (83) (86)
Proceeds from issuance of common stock 23 38
Dividends paid on common stock (519) (475)
Dividends paid to Old U S WEST (183) (161)
Dividend paid to MediaOne Group (139) -
Purchases of treasury stock (46) -
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Cash provided by (used for) financing activities 3,981 (1,342)
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CASH AND CASH EQUIVALENTS
Increase 703 9
Beginning balance 27 80
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Ending balance $ 730 $ 89
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