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Long-Term Debt and Credit Facilities (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Including Unamortized Discounts and Premiums | 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) |  | September 30, 2022 |  | December 31, 2021
|  |  |  |  | (Dollars in millions)
Senior Secured Debt: (2) |  |  |  |  |  |  |
Lumen Technologies, Inc. |  |  |  |  |  |  |
Revolving Credit Facility(3) | LIBOR + 2.00% |  | 2025 |  | $ | 280 |  |  | 200 |
Term Loan A(4) | LIBOR + 2.00% |  | 2025 |  | 1,006 |  |  | 1,050 |
Term Loan A-1(4) | LIBOR + 2.00% |  | 2025 |  | 287 |  |  | 300 |
Term Loan B(5) | LIBOR + 2.25% |  | 2027 |  | 4,863 |  |  | 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 |  | 2,411 |  |  | 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 |  | 137 |  |  | 138 |
Senior Notes and Other Debt:(7) |  |  |  |  |  |  |
Lumen Technologies, Inc. |  |  |  |  |  |  |
Senior notes | 4.500% - 7.650% |  | 2023 - 2042 |  | 6,985 |  |  | 8,414 |
Subsidiaries: |  |  |  |  |  |  |
Level 3 Financing, Inc. |  |  |  |  |  |  |
Senior notes | 3.625% - 4.625% |  | 2027 - 2029 |  | 3,940 |  |  | 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 |  | 324 |  |  | 347 |
Unamortized (discounts) premiums, net |  |  |  |  | (8) |  |  | 21 |
Unamortized debt issuance costs |  |  |  |  | (193) |  |  | (220) |
Total long-term debt |  |  |  |  | 25,238 |  |  | 28,982 |
Less current maturities |  |  |  |  | (3,474) |  |  | (1,554) |
Long-term debt, excluding current maturities |  |  |  |  | $ | 21,764 |  |  | 27,428 |
______________________________________________________________________ (1)As of September 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 5.080% and 2.103% as of September 30, 2022 and December 31, 2021, respectively. (4)Term Loans A and A-1 had interest rates of 5.115% and 2.104% as of September 30, 2022 and December 31, 2021, respectively. (5)Term Loan B had interest rates of 5.365% and 2.354% as of September 30, 2022 and December 31, 2021, respectively. (6)The Level 3 Tranche B 2027 Term Loan had interest rates of 4.865% and 1.854% as of September 30, 2022 and December 31, 2021, respectively. (7)The table excludes $1.4 billion of indebtedness under Embarq Corporation's 7.995% senior notes maturing in 2036 that was classified as held for sale as of September 30, 2022 and December 31, 2021, and was assumed by the third-party purchaser as of October 3, 2022 concurrent with the sale of the ILEC business. See Note 2—Recently Completed Divestitures of the Latin American and ILEC Businesses and Note 17—Subsequent Events. (8)The Qwest Corporation Term Loan had interest rates of 5.120% and 2.110% as of September 30, 2022 and December 31, 2021, respectively.
Schedule of Maturities of Long-term Debt | Set forth below is the aggregate principal amount of our long-term debt as of September 30, 2022 (excluding unamortized (discounts) premiums, net, and unamortized debt issuance costs), maturing during the following years.:
| (Dollars in millions)(1)
2022 (remaining three months)(2) | $ | 1,908 |
2023 | 153 |
2024 | 158 |
2025 | 2,343 |
2026 | 1,276 |
2027 and thereafter | 19,601 |
Total long-term debt | $ | 25,439 |
______________________________________________________________________ (1)These amounts exclude $1.5 billion of debt and finance lease obligations related to the ILEC business that were classified as held for sale as of September 30, 2022. See Note 2—Recently Completed Divestitures of the Latin American and ILEC Businesses for more information. (2)These amounts include $1.9 billion aggregate principal senior notes for which we issued redemption notices on September 26, 2022. See Note 17—Subsequent Events for information on additional debt repayments made since September 30, 2022 and the classification of the related aggregate principal as current maturities of long-term debt on our consolidated balance sheets as of September 30, 2022.
Schedule of Debt Repayments | During the nine months ended September 30, 2022, Lumen borrowed $2.4 billion from, and made repayments of $2.3 billion to, its Revolving Credit Facility. We used our net revolving credit draws and available cash to repay the following aggregate principal amount of indebtedness through a combination of tender offers, redemptions, prepayments and payments at maturity. These transactions resulted in a net gain of $9 million.
Debt | Period of Repayment | (Dollars in millions)
Lumen Technologies, Inc. |  |
5.800% Senior Notes due 2022 (at Maturity) | Q1 2022 | $ | 1,400 |
Level 3 Financing, Inc. |  |
Tranche B 2027 Term Loan | Q3 2022 | 700 |
5.375% Senior Notes due 2025 | Q3 2022 | 800 |
5.250% Senior Notes due 2026 | Q3 2022 | 775 |
Other | Q3 2022 | 30 |
Total Debt Repayments |  | $ | 3,705 |
Since September 30, 2022, Lumen and its subsidiaries have used available cash to repay the following aggregate principal amount of indebtedness through a combination of tender offers and redemptions:
Debt | (Dollars in millions)
Lumen Technologies, Inc. |
6.750% Senior Notes, Series W, due 2023 | $ | 750 |
7.500% Senior Notes, Series Y, due 2024 | 982 |
5.625% Senior Notes, Series X, due 2025 | 270 |
7.200% Senior Notes, Series D, due 2025 | 34 |
5.125% Senior Notes due 2026 | 484 |
6.875% Debentures, Series G, due 2028 | 126 |
5.375% Senior Notes due 2029 | 490 |
Embarq Corporation Subsidiaries |
First Mortgage Bonds | 25 |
Qwest Capital Funding, Inc. |
Senior Notes | 63 |
Total Debt Repayments | $ | 3,224 |

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