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Long-Term Debt and Credit Facilities | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Long-Term Debt and Credit Facilities | Long-Term Debt and Credit Facilities The following table reflects the consolidated long-term debt of Lumen Technologies, Inc. and its subsidiaries as of the dates indicated below, including unamortized discounts and premiums unamortized debt issuance costs:
| Interest Rates(1) |  | Maturities(1) |  | June 30, 2022 |  | December 31, 2021
|  |  |  |  | (Dollars in millions)
Senior Secured Debt: (2) |  |  |  |  |  |  |
Lumen Technologies, Inc. |  |  |  |  |  |  |
Revolving Credit Facility(3) | LIBOR + 2.00% |  | 2025 |  | $ | 800 |  |  | 200 |
Term Loan A(4) | LIBOR + 2.00% |  | 2025 |  | 1,021 |  |  | 1,050 |
Term Loan A-1(4) | LIBOR + 2.00% |  | 2025 |  | 291 |  |  | 300 |
Term Loan B(5) | LIBOR + 2.25% |  | 2027 |  | 4,875 |  |  | 4,900 |
Senior notes | 4.000% |  | 2027 |  | 1,250 |  |  | 1,250 |
Subsidiaries: |  |  |  |  |  |  |
Level 3 Financing, Inc. |  |  |  |  |  |  |
Tranche B 2027 Term Loan(6) | 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:(7) |  |  |  |  |  |  |
Lumen Technologies, Inc. |  |  |  |  |  |  |
Senior notes | 4.500% - 7.650% |  | 2023 - 2042 |  | 7,014 |  |  | 8,414 |
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% |  | 2025 - 2057 |  | 1,986 |  |  | 1,986 |
Term loan(8) | LIBOR + 2.00% |  | 2027 |  | 215 |  |  | 215 |
Qwest Capital Funding, Inc. |  |  |  |  |  |  |
Senior notes | 6.875% - 7.750% |  | 2028 - 2031 |  | 255 |  |  | 255 |
Finance lease and other obligations | Various |  | Various |  | 335 |  |  | 347 |
Unamortized premiums, net |  |  |  |  | 18 |  |  | 21 |
Unamortized debt issuance costs |  |  |  |  | (203) |  |  | (220) |
Total long-term debt |  |  |  |  | 28,121 |  |  | 28,982 |
Less current maturities |  |  |  |  | (156) |  |  | (1,554) |
Long-term debt, excluding current maturities |  |  |  |  | $ | 27,965 |  |  | 27,428 |
______________________________________________________________________ (1)As of June 30, 2022. (2)See Note 7—Long-Term Debt and Credit Facilities in our Annual Report on Form 10-K for the year ended December 31, 2021 for a description of certain parent or subsidiary guarantees and liens securing this debt. (3)The Revolving Credit Facility had interest rates of 2.571% and 2.103% as of June 30, 2022 and December 31, 2021, respectively. (4)Term Loans A and A-1 had interest rates of 3.666% and 2.104% as of June 30, 2022 and December 31, 2021, respectively. (5)Term Loan B had interest rates of 3.916% and 2.354% as of June 30, 2022 and December 31, 2021, respectively. (6)The Level 3 Tranche B 2027 Term Loan had interest rates of 3.416% and 1.854% as of June 30, 2022 and December 31, 2021, respectively. (7)As of both June 30, 2022 and December 31, 2021, the table excludes $1.4 billion of 7.995% Embarq senior notes maturing in 2036 that are classified as held for sale. See Note 2—Recently Completed Divestiture of the Latin American Business and Planned Divestiture of ILEC Business. (8)The Qwest Corporation Term Loan had interest rates of 3.670% and 2.110% as of June 30, 2022 and December 31, 2021, respectively. Long-Term Debt Maturities Set forth below is the aggregate principal amount of our long-term debt as of June 30, 2022 (excluding unamortized premiums, net, and unamortized debt issuance costs), maturing during the following years:
| (Dollars in millions)(1)
2022 (remaining six months) | $ | 143 |
2023 | 977 |
2024 | 1,158 |
2025 | 3,690 |
2026 | 2,062 |
2027 and thereafter | 20,276 |
Total long-term debt | $ | 28,306 |
______________________________________________________________________ (1)As of June 30, 2022, these amounts exclude $1.5 billion of debt and finance lease obligations that have been reclassified as held for sale. See Note 2—Recently Completed Divestiture of the Latin American Business and Planned Divestiture of ILEC Business for more information. Borrowings and Repayments During the six months ended June 30, 2022, Lumen Technologies borrowed $1.6 billion from, and made repayments of $975 million to, its Revolving Credit Facility. A portion of these proceeds, together with cash on hand, were used to repay $1.4 billion of its 5.800% senior notes at maturity in the first quarter of 2022. Covenants Certain of our debt instruments contain affirmative and negative covenants. Debt at Lumen Technologies, Inc. and Level 3 Financing, Inc. contains more extensive covenants including, among other things and subject to certain exceptions, restrictions on the ability to declare or pay dividends, repay certain other indebtedness, create liens, incur additional indebtedness, make investments, engage in transactions with 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 defined circumstances in connection with specified "change of control" transactions. Certain of our debt instruments contain cross-payment default or cross-acceleration provisions. Compliance As of June 30, 2022, 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 https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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