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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Qwest Communications International Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 9, 2011 05:11PM
Qwest Communications International Inc. (Q) filed Quarterly Report for the period ended 2011-06-30. Highlight of Business Operations:We have recognized $127 million of certain expenses that were contingent on completion of the CenturyLink acquisition, primarily compensation expense comprised of severance, retention bonuses and share-based compensation for the successor three months ended June 30, 2011. During the predecessor three months ended March 31, 2011, we had recognized $3 million of expenses associated with our activities surrounding the acquisition. As of April 1, 2011, as part of acquisition accounting, we also included in our goodwill $35 million for financial advisory fees, $23 million for certain performance awards and $16 million related to retention bonuses, all of which were contingent on the completion of the acquisition and had no benefit to CenturyLink after the acquisition. During the second quarter of 2011, our dedicated internet access services were reclassified from our legacy services to strategic services and certain USF surcharges were reclassified from our legacy services to affiliates and other services revenues to better align with the classifications that our parent, CenturyLink, uses. As a result, we reclassified previously reported amounts to conform to the current period presentation. For the predecessor three months ended March 31, 2011 this reclassification resulted in a reduction of legacy service revenues of $65 million, an increase of strategic service revenues of $30 million and an increase of affiliates and other services revenues of $34 million. For the predecessor three months ended June 30, 2010 this reclassification resulted in a reduction of legacy service revenues of $71 million, an increase of strategic service revenues of $37 million and an increase of affiliates and other services revenues of $34 million. For the predecessor six months ended June 30, 2010 this reclassification resulted in a reduction of legacy service revenues of $148 million, an increase of strategic service revenues of $77 million and an increase of affiliates and other services revenues of $70 million. We currently categorize our products and services among the following four categories:
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