For the fiscal year ended December 31, 2021
BUSINESS
Business Overview and Purpose
We are an international facilities-based technology and communications company focused on providing our business and residential customers with a broad array of integrated products and services necessary to fully participate in our rapidly evolving digital world, which we believe is undergoing the “Fourth Industrial Revolution” or simply the “4IR.”
residential : (of an area of a town) suitable for living in; consisting of houses rather than factories or offices / (of a job, a course, etc.) requiring a person to live at a particular place; offering living accommodation
undergo : undergo something to experience something, especially a change or something unpleasant
We operate one of the world’s most interconnected networks. Our platform empowers our customers to rapidly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access, and reduce costs – allowing customers to rapidly evolve their information, communications and technology programs to address dynamic changes.
By empowering our customers to rapidly acquire, analyze and act on data, we are enabling our customers to thrive in the 4IR. Our specific products and services are detailed below under the heading “Segments and Products & Services.”
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 legacy copper-based services, managed for optimal cost and efficiency.
copper : a chemical element. Copper is a soft red-brown metal used for making electric wires, pipes and coins.
With approximately 190,000 on-net buildings and 500,000 route miles of fiber optic cable globally, we are among the largest providers of communications services to domestic and global enterprise customers.
optic : connected with the eye or the sense of sight
Our terrestrial and subsea fiber optic long-haul network throughout North America, Europe, Latin America and Asia Pacific connects to metropolitan fiber networks that we operate. We provide services in over 60 countries, with most of our revenue being derived in the United States ("U.S.").
terrestrial : (of animals and plants) living on the land or on the ground, rather than in water, in trees or in the air / connected with the planet Earth
As further discussed immediately below under the heading “Acquisitions and Divestitures,” during 2022 we plan to sell our Latin American business and a portion of our incumbent local exchange business.
incumbent : a person who has an official position
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
Since being incorporated in 1968, we have grown principally through acquisitions. By 2008, we had become one of the largest providers of rural telephone services in the United States.
Since then, we acquired Embarq Corporation in mid-2009, Qwest Communications International Inc. in early 2011 and Level 3 Communications, Inc. in late 2017.
These acquisitions have substantially changed our customer base, geographic footprint, business strategies and mix of products and services.
substantially : very much; a lot / mainly; in most details, even if not completely
We regularly evaluate the possibility of acquiring additional assets or divesting assets in exchange for cash, securities or other properties, and at any given time may be engaged in discussions or negotiations regarding additional acquisitions or divestitures.
divestiture : the act of selling the shares you have bought in a company or of taking money away from where you have invested it
We generally do not announce our acquisitions or divestitures until we have entered into a preliminary or definitive agreement.
preliminary : happening before a more important action or event
Planned Divestitures of the Latin American Business and Incumbent Local Exchange Business
On July 25, 2021, affiliates of Level 3 Parent, LLC, an indirect wholly-owned subsidiary of Lumen Technologies, Inc., entered into a definitive agreement to divest our Latin American business in exchange for $2.7 billion cash, subject to certain working capital, other purchase price adjustments and related transaction expenses.
divest : divest somebody/yourself of something to remove clothes / divest yourself of something to get rid of something
Level 3 Parent, LLC anticipates closing the transaction mid-year 2022, upon receipt of all requisite regulatory approvals in the U.S. and certain countries where the Latin American business operates, as well as the satisfaction of other customary conditions.
requisite : necessary for a particular purpose
customary : if something is customary, it is what people usually do in a particular place or situation / typical of a particular person
On August 3, 2021, we and certain of our affiliates entered into a definitive agreement to divest our incumbent local exchange ("ILEC") business conducted within 20 Midwestern and Southern states.
incumbent : a person who has an official position
In exchange, we would receive $7.5 billion, subject to offsets for (i) assumed indebtedness and (ii) our transaction expenses, certain of purchaser’s transaction expenses, taxes and certain working capital and other customary purchase price adjustments.
indebtedness : the feeling of being grateful to somebody/something for their help, advice, influence, etc. / the position of owing money to other countries, organizations or people
We anticipate closing the transaction mid-year 2022 upon receipt of all regulatory approvals and the satisfaction of other customary closing conditions.
(the rest omitted)
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