v3.25.2
Additional Financial Information
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Additional Financial Information
NOTE 11. ADDITIONAL FINANCIAL INFORMATION
 
Cash and Cash Flows
We typically maintain our restricted cash balances for purchases and sales of certain investment securities and funding of certain deferred compensation benefit payments.

The following table summarizes cash and cash equivalents and restricted cash balances contained on our consolidated balance sheets:
 June 30,December 31,
 2025202420242023
Cash and cash equivalents
$10,499 $3,093 $3,298 $6,722 
Restricted cash in Prepaid and other current assets1 1 1 2 
Restricted cash in Other Assets76 109 107 109 
Cash and Cash Equivalents and Restricted Cash$10,576 $3,203 $3,406 $6,833 

The following table summarizes cash paid during the periods for interest and income taxes:
Six months ended
 June 30,
Cash paid (received) during the period for:20252024
Interest$3,316 $3,644 
Income taxes, net of refunds880 299 
The following table summarizes capital expenditures:
Six months ended
June 30,
20252024
Purchase of property and equipment$9,097 $8,042 
Interest during construction - capital expenditures1
77 76 
Total Capital Expenditures $9,174 $8,118 
The following table summarizes acquisitions, net of cash acquired:
Six months ended
June 30,
20252024
Business acquisitions$— $— 
Spectrum acquisitions14 147 
Interest during construction - spectrum1
34 123 
Total Acquisitions$48 $270 
1Total capitalized interest was $111 and $199 for the six months ended June 30, 2025 and 2024, respectively.

Preferred Equity Transactions
On March 3, 2025, we issued $2,250 of nonconvertible cumulative preferred interests in Telco LLC (Telco Class A-4). The Telco Class A-4 interests pay an initial preferred distribution of 5.94% annually, subject to declaration, and subject to reset on November 1, 2028, and every four years thereafter. The Telco Class A-4 interests can be called at issue price beginning
November 1, 2028, and are subject to the same redemption and liquidation rights as the Telco Class A-1, A-2 and A-3 interests.

On March 3, 2025, we also redeemed all outstanding Series B cumulative perpetual preferred shares. The shares had a total liquidation preference of €2.0 billion and were redeemed for $2,075.

Pending Acquisition
On May 21, 2025, we agreed to acquire substantially all of Lumen’s mass markets fiber business for $5,750 cash, subject to purchase price adjustments. At the time of signing, the pending acquisition covered approximately 1 million fiber customers, and also included fiber network assets that reach more than 4 million fiber locations. The transaction is expected to close in the first half of 2026, pending regulatory approval and other customary closing conditions.