Lumen Technologies, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Lumen Technologies, Inc. has filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

Lumen Technologies, Inc. (LUMN) filed a Annual Report (10-K) with the SEC on February 22, 2024. Lumen Technologies, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company was formerly known as CenturyLink, Inc. and CenturyTel Inc. The filing includes financial data for the fiscal years 2023, 2022, and 2021. The company's principal business is Telephone Communications.

Why It Matters

For investors and stakeholders tracking Lumen Technologies, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Lumen's financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, debt levels, and potential challenges, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: — Lumen Technologies, Inc. shows moderate risk based on this filing. The company operates in the highly competitive telecommunications industry, facing ongoing technological shifts and evolving customer demands, which presents a medium level of risk.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Lumen's performance and strategic positioning in the telecommunications market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-22 — Filing Date (Filed as of date)
• 4813 — SIC Code (Standard Industrial Classification)
• 001-07784 — SEC File Number (SEC file number)

Key Players & Entities

• Lumen Technologies, Inc. (company) — Filer name
• LUMN (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-02-22 (date) — Filing date
• CenturyLink, Inc. (company) — Former company name
• CenturyTel Inc (company) — Former company name
• LA (location) — State of incorporation
• MONROE (location) — Business address city

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — The end date for the reporting period covered by the 10-K.
• 2024-02-22: Filing Date — The date the 10-K report was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for Lumen Technologies.)

SIC Code

Standard Industrial Classification code used to classify businesses based on their primary activity. (Indicates Lumen Technologies operates in the Telephone Communications sector.)

Key Financial Figures

• $1.00 — ich Registered Common Stock, par value $1.00 per share LUMN New York Stock Exchange
• $10.7 billion — ductible goodwill impairment charges of $10.7 billion and $3.3 billion, respectively. For add
• $3.3 b — impairment charges of $10.7 billion and $3.3 billion, respectively. For additional inf

Filing Documents

• lumn-20231231.htm (10-K) — 3215KB
• lumn202310-kexhibit41.htm (EX-4.1) — 34KB
• lumn20231231exhibit43.htm (EX-4.3) — 289KB
• lumn20231231exhibit44d.htm (EX-4.4(D)) — 42KB
• lumn20231231exhibit47biii.htm (EX-4.7(B)(III)) — 31KB
• lumn20231231exhibit47ciii.htm (EX-4.7(C)(III)) — 32KB
• lumn202310-kexhibit47gii.htm (EX-4.7(G)(II)) — 32KB
• lumn202310-kexhibit1015c.htm (EX-10.15(C)) — 74KB
• lumn20231231ex21.htm (EX-21) — 172KB
• lumn20231231ex23.htm (EX-23) — 2KB
• lumn20231231ex311.htm (EX-31.1) — 9KB
• lumn20231231ex312.htm (EX-31.2) — 9KB
• lumn20231231ex321.htm (EX-32.1) — 4KB
• lumn20231231ex322.htm (EX-32.2) — 5KB
• lumn202310-kexhibit97.htm (EX-97) — 55KB
• image_1a.jpg (GRAPHIC) — 0KB
• image_2.jpg (GRAPHIC) — 0KB
• lumn-20231231_g1.jpg (GRAPHIC) — 9KB
• 0000018926-24-000016.txt (&nbsp;) — 19981KB
• lumn-20231231.xsd (EX-101.SCH) — 114KB
• lumn-20231231_cal.xml (EX-101.CAL) — 143KB
• lumn-20231231_def.xml (EX-101.DEF) — 760KB
• lumn-20231231_lab.xml (EX-101.LAB) — 1409KB
• lumn-20231231_pre.xml (EX-101.PRE) — 1082KB
• lumn-20231231_htm.xml (XML) — 3662KB

Risk Factors

Item 1A. Risk Factors 21

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 36 I tem 1C. Cybersecurity 36

Properties

Item 2. Properties 39

Legal Proceedings

Item 3. Legal Proceedings 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40

[Reserved]

Item 6. [Reserved] 40

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 62

Consolidated Financial Statements and Supplementary Data

Item 8. Consolidated Financial Statements and Supplementary Data 63 Consolidated Statements of Operations 66 Consolidated Statements of Comprehensive (Loss) Income 67 Consolidated Balance Sheets 68 Consolidated Statements of Cash Flows 69 Consolidated Statements of Stockholders' Equity 71

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 72

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 143

Controls and Procedures

Item 9A. Controls and Procedures 143

Other Information

Item 9B. Other Information 144

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 144 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 145

Executive Compensation

Item 11. Executive Compensation 145

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 146

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 146

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 146 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 147

Summary Business and Financial Information

Item 16. Summary Business and Financial Information 156

Signatures

Signatures 157 2 Unless the context requires otherwise, (i) references in this report on Form 10-K, for all periods presented, to "Lumen Technologies, Inc.," "Lumen Technologies" or "Lumen,"" "we," "us," the "Company" and "our" refer to Lumen Technologies, Inc. and its consolidated subsidiaries and (ii) references in this report to "Level 3" refer to Level 3 Parent, LLC and its predecessor, Level 3 Communications, Inc., which we acquired on November 1, 2017. PART I Special Note Regarding Forward-Looking Statements This report and other documents filed by us under the federal securities law include, and future oral or written statements or press releases by us and our management may include, forward-looking statements about our business, financial condition, operating results or prospects. These "forward-looking" statements are defined by, and are subject to the "safe harbor" protections under the federal securities laws. These statements include, among others: forecasts of our anticipated future results of operations, cash flows or financial position; other similar statements of our expectations, beliefs, future plans and strategies, anticipated developments and other matte

BUSINESS

ITEM 1. BUSINESS Business Overview and Purpose We are a facilities-based technology and communications company that provides a broad array of integrated products and services to our domestic and global business customers and our domestic mass markets customers. We operate one of the world's most interconnected networks. Our platform empowers our customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access and reduce costs, which allows our customers to rapidly evolve their IT programs to address dynamic changes. Our specific products and services are detailed below under the heading "Segments and Products & Services." 5 We conduct our operations under the following three brands: "Lumen," which is our flagship brand for serving the enterprise and wholesale markets "Quantum Fiber," which is our brand for providing fiber-based services to residential and small business customers "CenturyLink," which is our long-standing brand for providing mass-marketed copper-based services, managed for cash flow and optimal efficiency. With approximately 170,000 on-net buildings and 350,000 route miles of fiber optic cable globally, we are among the largest providers of communications services to domestic and global enterprise customers. Our terrestrial fiber optic long-haul network throughout North America and Asia Pacific connects to metropolitan fiber networks that we operate. As further discussed immediately below under the heading "Acquisitions and Divestitures," we sold (i) our Latin American business and a portion of our incumbent local exchange business ("ILEC") during 2022 and (ii) our business conducted in Europe, the Middle East and Africa ("EMEA") during 2023. For a discussion of certain risks applicable to our business, see "Risk Factors" in Item 1A of Part I of this report. Acquisitions and Divestitures General Since being incorporated in 1968, we have grown principally through acquisition

View Full Filing

View this 10-K filing on SEC EDGAR