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Long-Term Debt and Credit Facilities | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Long-Term Debt and Credit Facilities | Long-Term Debt and Credit Facilities The following chart reflects the consolidated long-term debt of CenturyLink, Inc. and its subsidiaries, including unamortized discounts and premiums and unamortized debt issuance costs, but excluding intercompany debt:
| Interest Rates(1) |  | Maturities |  | September 30, 2019 |  | December 31, 2018
|  |  |  |  | (Dollars in millions)
Senior Secured Debt: (2) |  |  |  |  |  |  |
CenturyLink, Inc. |  |  |  |  |  |  |
2017 Revolving Credit Facility | 4.786% |  | 2022 |  | $ | 700 |  |  | 550 |
Term Loan A (3) | LIBOR + 2.75% |  | 2022 |  | 1,558 |  |  | 1,622 |
Term Loan A-1 (3) | LIBOR + 2.75% |  | 2022 |  | 338 |  |  | 351 |
Term Loan B (3) | LIBOR + 2.75% |  | 2025 |  | 5,895 |  |  | 5,940 |
Subsidiaries: |  |  |  |  |  |  |
Level 3 Financing, Inc. |  |  |  |  |  |  |
Tranche B 2024 Term Loan (4) | LIBOR + 2.25% |  | 2024 |  | 4,611 |  |  | 4,611 |
Embarq Corporation subsidiaries |  |  |  |  |  |  |
First mortgage bonds | 7.125% - 8.375% |  | 2023 - 2025 |  | 138 |  |  | 138 |
Senior Notes and Other Debt: |  |  |  |  |  |  |
CenturyLink, Inc. |  |  |  |  |  |  |
Senior notes | 5.625% - 7.650% |  | 2019 - 2042 |  | 7,446 |  |  | 8,036 |
Subsidiaries: |  |  |  |  |  |  |
Level 3 Financing, Inc. |  |  |  |  |  |  |
Senior notes | 4.625% - 6.125% |  | 2021 - 2027 |  | 5,915 |  |  | 5,315 |
Level 3 Parent, LLC |  |  |  |  |  |  |
Senior notes | 5.750% |  | 2022 |  | 600 |  |  | 600 |
Qwest Corporation |  |  |  |  |  |  |
Senior notes | 6.125% - 7.750% |  | 2021 - 2057 |  | 5,956 |  |  | 5,956 |
Term loan | 4.050% |  | 2025 |  | 100 |  |  | 100 |
Qwest Capital Funding, Inc. |  |  |  |  |  |  |
Senior notes | 6.875% - 7.750% |  | 2021 - 2031 |  | 352 |  |  | 697 |
Embarq Corporation and subsidiary |  |  |  |  |  |  |
Senior note | 7.995% |  | 2036 |  | 1,450 |  |  | 1,485 |
Other | 9.000% |  | 2019 |  | 148 |  |  | 150 |
Finance lease and other obligations | Various |  | Various |  | 214 |  |  | 801 |
Unamortized discounts and other, net |  |  |  |  | (30 | ) |  | (8 | )
Unamortized debt issuance costs |  |  |  |  | (266 | ) |  | (283 | )
Total long-term debt |  |  |  |  | 35,125 |  |  | 36,061 |
Less current maturities |  |  |  |  | (1,744 | ) |  | (652 | )
Long-term debt, excluding current maturities |  |  |  |  | $ | 33,381 |  |  | 35,409 |
______________________________________________________________________
(1) | As of September 30, 2019.
(2) | For information on certain parent or subsidiary guarantees and liens securing this debt, see "Other" below.
(3) | Term Loans A, A-1 and B had interest rates of 4.794% and 5.272% as of September 30, 2019 and December 31, 2018, respectively.
(4) | The Tranche B 2024 Term Loan had an interest rate of 4.294% as of September 30, 2019 and 4.754% as of December 31, 2018, respectively.
Long-Term Debt Maturities Set forth below is the aggregate principal amount of our long-term debt (excluding unamortized discounts, net and unamortized debt issuance costs) maturing during the following years as of September 30, 2019:
| (Dollars in millions)
2019 (remaining three months) | $ | 640 |
2020 | 1,190 |
2021 | 2,478 |
2022 | 5,250 |
2023 | 2,095 |
2024 and thereafter | 23,768 |
Total long-term debt | $ | 35,421 |
Repayments During the nine months ended September 30, 2019, CenturyLink and its affiliates repurchased approximately $1.1 billion of their respective debt securities, which primarily included approximately $400 million of Level 3 Financing, Inc. senior notes, $345 million of Qwest Capital Funding senior notes, $340 million of CenturyLink, Inc. senior notes, which resulted in a gain of $70 million. Additionally, during the period CenturyLink paid $249 million of its maturing senior notes and $122 million of amortization payments under its term loans. New Issuance On September 25, 2019, Level 3 Financing, Inc. issued $1.0 billion of 4.625% Senior Notes due 2027. The proceeds from the offering together with cash on hand will be used for general corporate purposes, including, without limitation, to redeem all $240 million outstanding principal amount of Level 3 Financing, Inc.'s 6.125% Senior Notes due 2021, all $600 million outstanding principal amount of Level 3 Parent, LLC's 5.75% Senior Notes due 2022 and $160 million of Level 3 Financing, Inc.'s $1 billion in outstanding principal amount of 5.375% Senior Notes due 2022 during the fourth quarter of 2019. See "Subsequent Event" below. Covenants Certain of our debt instruments contain affirmative and negative covenants. Debt at CenturyLink, Inc., Level 3 Parent, LLC, and Level 3 Financing, Inc. contain more extensive covenants including, among other things and subject to certain exceptions, restrictions on their ability to declare or pay dividends, repay certain other indebtedness, create liens, incur additional indebtedness, make investments, engage in transactions with their affiliates, dispose of assets and merge or consolidate with any other person. Also, CenturyLink, Inc. and certain of its affiliates will be required to offer to purchase certain of their respective outstanding debt under certain circumstances in connection with certain specified "change of control" transactions. Certain of our debt instruments contain cross acceleration provisions. Compliance As of September 30, 2019, CenturyLink, Inc. believes it and its subsidiaries were in compliance with the provisions and financial covenants in their respective material debt agreements in all material respects. Other In February 2019, we entered into five variable-to-fixed interest rate swap agreements to hedge the interest payments on $2.5 billion notional amount of floating rate debt. See Note 10—Derivative Financial Instruments. In June 2019, we entered into six variable-to-fixed interest rate swap agreements to hedge the interest payments on $1.5 billion notional amount of floating rate debt. See Note 10—Derivative Financial Instruments. For additional information on our long-term debt and credit facilities, see Note 6—Long-Term Debt and Credit Facilities to our consolidated financial statements in Item 8 of Part II of our annual report on Form 10-K for the year ended December 31, 2018. Subsequent Event On October 15, 2019, we repaid the $148 million outstanding principal amount of Centel Capital Corporation 9.000% notes at maturity. On October 25, 2019 we redeemed all $240 million outstanding principal amount of Level 3 Financing, Inc.'s remaining 6.125% Senior Notes due 2021 and $160 million of Level 3 Financings, Inc.'s $1 billion in outstanding principal amount of 5.375% Senior Notes due 2022. On October 17, 2019 we issued a notice of redemption on all $600 million outstanding principal amount of Level 3 Parent, LLC's 5.75% Senior Notes due 2022 on December 1, 2019.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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