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Long-Term Debt and Credit Facilities | 3 Months Ended
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Mar. 31, 2021
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 Lumen Technologies and its subsidiaries, including unamortized discounts and premiums, net and unamortized debt issuance costs, but excluding intercompany debt:
| Interest Rates(1) |  | Maturities(1) |  | March 31, 2021 |  | December 31, 2020
|  |  |  |  | (Dollars in millions)
Senior Secured Debt: (2) |  |  |  |  |  |  |
Lumen Technologies, Inc. |  |  |  |  |  |  |
Revolving Credit Facility | LIBOR + 2.00% |  | 2025 |  | $ | — |  |  | 150 |
Term Loan A (3) | LIBOR + 2.00% |  | 2025 |  | 1,094 |  |  | 1,108 |
Term Loan A-1 (3) | LIBOR + 2.00% |  | 2025 |  | 312 |  |  | 316 |
Term Loan B (4) | LIBOR + 2.25% |  | 2027 |  | 4,938 |  |  | 4,950 |
Senior notes | 4.000% |  | 2027 |  | 1,250 |  |  | 1,250 |
Subsidiaries: |  |  |  |  |  |  |
Level 3 Financing, Inc. |  |  |  |  |  |  |
Tranche B 2027 Term Loan (5) | LIBOR + 1.75% |  | 2027 |  | 3,111 |  |  | 3,111 |
Senior notes | 3.400% - 3.875% |  | 2027 - 2029 |  | 1,500 |  |  | 1,500 |
Embarq Corporation subsidiaries |  |  |  |  |  |  |
First mortgage bonds | 7.125% - 8.375% |  | 2023 - 2025 |  | 138 |  |  | 138 |
Senior Notes and Other Debt: |  |  |  |  |  |  |
Lumen Technologies, Inc. |  |  |  |  |  |  |
Senior notes | 4.500% - 7.650% |  | 2021 - 2042 |  | 8,645 |  |  | 8,645 |
Subsidiaries: |  |  |  |  |  |  |
Level 3 Financing, Inc. |  |  |  |  |  |  |
Senior notes | 3.625% - 5.375% |  | 2025 - 2029 |  | 5,515 |  |  | 5,515 |
Qwest Corporation |  |  |  |  |  |  |
Senior notes | 6.500% - 7.750% |  | 2021 - 2057 |  | 2,935 |  |  | 3,170 |
Term Loan (6) | LIBOR + 2.00% |  | 2027 |  | 215 |  |  | 215 |
Qwest Capital Funding, Inc. |  |  |  |  |  |  |
Senior notes | 6.875% - 7.750% |  | 2021 - 2031 |  | 352 |  |  | 352 |
Embarq Corporation and subsidiary |  |  |  |  |  |  |
Senior note | 7.995% |  | 2036 |  | 1,437 |  |  | 1,437 |
Finance lease and other obligations | Various |  | Various |  | 327 |  |  | 295 |
Unamortized discounts, net |  |  |  |  | (96) |  |  | (78) |
Unamortized debt issuance costs |  |  |  |  | (233) |  |  | (237) |
Total long-term debt |  |  |  |  | 31,440 |  |  | 31,837 |
Less current maturities |  |  |  |  | (3,841) |  |  | (2,427) |
Long-term debt, excluding current maturities |  |  |  |  | $ | 27,599 |  |  | 29,410 |
______________________________________________________________________ (1)As of March 31, 2021. (2)See Note 6—Long-Term Debt and Credit Facilities in our Annual Report on Form 10-K for the year ended December 31, 2020 for a description of certain parent or subsidiary guarantees and liens securing this debt. (3)Term Loans A and A-1 had interest rates of 2.109% and 2.147% as of March 31, 2021 and December 31, 2020, respectively. (4)Term Loan B had interest rates of 2.359% and 2.397% as of March 31, 2021 and December 31, 2020, respectively. (5)The Tranche B 2027 Term Loan had interest rates of 1.859% and 1.897% as of March 31, 2021 and December 31, 2020, respectively. (6)Qwest Corporation Term Loan had interest rates of 2.110% and 2.150% as of March 31, 2021 and December 31, 2020, respectively. Long-Term Debt Maturities Set forth below is the aggregate principal amount of our long-term debt as of March 31, 2021 (excluding unamortized discounts, net, and unamortized debt issuance costs), maturing during the following years:
| (Dollars in millions)
2021 (remaining nine months) | $ | 2,410 |
2022 | 1,541 |
2023 | 966 |
2024 | 1,143 |
2025 | 2,907 |
2026 and thereafter | 22,802 |
Total long-term debt | $ | 31,769 |
Repayments During the three months ended March 31, 2021, Lumen Technologies and its affiliates repaid or redeemed approximately $1.3 billion of their respective debt obligations, which primarily included $150 million of payments on our revolving credit facility, $900 million redemption of Level 3 Financing, Inc. senior notes and $235 million redemption of Qwest Corporation senior notes. These redemptions resulted in a net gain of $8 million. New Issuances On January 13, 2021, Level 3 Financing, Inc. issued $900 million aggregate principal amount of 3.750% Sustainability-Linked Senior Notes due 2029 (the "Sustainability-Linked Notes"). The net proceeds were used, together with cash on hand, to redeem certain of its outstanding senior note indebtedness. See "—Repayments" above. The Sustainability-Linked Notes are (i) guaranteed by Level 3 Parent, LLC and (ii) expected to be guaranteed by Level 3 Communications, LLC, upon the receipt of all requisite material governmental authorizations. Covenants Certain of our debt instruments contain affirmative and negative covenants. Debt at Lumen Technologies, Inc. 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, Lumen Technologies, 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-payment default or cross-acceleration provisions. Compliance As of March 31, 2021, Lumen Technologies, 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.

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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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