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Long-Term Debt and Credit Facilities (Tables) | 12 Months Ended
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Dec. 31, 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 and unamortized debt issuance costs:
|  |  |  |  | As of December 31,
| Interest Rates(1) |  | Maturities(1) |  | 2022 |  | 2021
|  |  |  |  | (Dollars in millions)
Senior Secured Debt: (2) |  |  |  |  |  |  |
Lumen Technologies, Inc. |  |  |  |  |  |  |
Revolving Credit Facility(3) | LIBOR + 2.00% |  | 2025 |  | $ | — |  |  | 200 |
Term Loan A(4) | LIBOR + 2.00% |  | 2025 |  | 991 |  |  | 1,050 |
Term Loan A-1(4) | LIBOR + 2.00% |  | 2025 |  | 283 |  |  | 300 |
Term Loan B(5) | LIBOR + 2.25% |  | 2027 |  | 3,941 |  |  | 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 | N/A |  | N/A |  | — |  |  | 138 |
Senior Notes and Other Debt:(7) |  |  |  |  |  |  |
Lumen Technologies, Inc. |  |  |  |  |  |  |
Senior notes | 4.500% - 7.650% |  | 2023 - 2042 |  | 3,722 |  |  | 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 + 2.25% |  | 2027 |  | 215 |  |  | 215 |
Qwest Capital Funding, Inc. |  |  |  |  |  |  |
Senior notes | 6.875% - 7.750% |  | 2028 - 2031 |  | 192 |  |  | 255 |
Finance lease and other obligations(9) | Various |  | Various |  | 317 |  |  | 347 |
Unamortized (discounts) premiums, net |  |  |  |  | (7) |  |  | 21 |
Unamortized debt issuance costs |  |  |  |  | (169) |  |  | (220) |
Total long-term debt |  |  |  |  | 20,572 |  |  | 28,982 |
Less current maturities |  |  |  |  | (154) |  |  | (1,554) |
Long-term debt, excluding current maturities |  |  |  |  | $ | 20,418 |  |  | 27,428 |
_______________________________________________________________________________ (1)As of December 31, 2022. (2)See the remainder of this Note for a description of certain parent or subsidiary guarantees and liens securing this debt. (3)The Revolving Credit Facility had an interest rate of 2.103% as of December 31, 2021. (4)Term Loans A and A-1 had interest rates of 6.384% and 2.104% as of December 31, 2022 and December 31, 2021, respectively. (5)Term Loan B had interest rates of 6.634% and 2.354% as of December 31, 2022 and December 31, 2021, respectively. (6)The Level 3 Tranche B 2027 Term Loan had interest rates of 6.134% and 1.854% as of December 31, 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 December 31, 2021 and was transferred as of October 3, 2022 concurrent with the sale of the ILEC business. See Note 2—Divestitures of the Latin American and ILEC Businesses and Planned Divestiture of the EMEA Business. (8)The Qwest Corporation Term Loan had interest rates of 6.640% and 2.110% as of December 31, 2022 and December 31, 2021, respectively. (9)The table excludes finance lease obligations that were classified as held for sale as of December 31, 2022 and December 31, 2021. See Note 2—Divestitures of the Latin American and ILEC Businesses and Planned Divestiture of the EMEA Business.
Schedule of maturities of long-term debt | Set forth below is the aggregate principal amount of our long-term debt as of December 31, 2022 (excluding unamortized (discounts) premiums, net, and unamortized debt issuance costs) maturing during the following years. As a result of classifying our EMEA business as held for sale on our December 31, 2022 consolidated balance sheet, the amounts presented below do not include maturities of the finance lease obligations of that business. See Note 2—Divestitures of the Latin American and ILEC Businesses and Planned Divestiture of the EMEA Business.
| (Dollars in millions)
2023 | $ | 154 |
2024 | 158 |
2025 | 1,743 |
2026 | 806 |
2027 | 9,387 |
2028 and thereafter | 8,500 |
Total long-term debt | $ | 20,748 |
Schedule of debt repayments | During 2022, Lumen borrowed $2.4 billion from, and made repayments of $2.6 billion to, its Revolving Credit Facility. We used our net revolving credit draws and available cash to repay the following aggregate principal amounts of indebtedness through a combination of tender offers, redemptions, prepayments, amortization payments and payments at maturity. These transactions resulted in a net gain on the extinguishment of debt of $214 million.
Debt | Period of Repayment | (Dollars in millions)
Lumen Technologies, Inc. |  |
5.800% Senior Notes due 2022 (at maturity) | Q1 2022 | $ | 1,400 |
6.750% Senior Notes, Series W, due 2023 | Q4 2022 | 750 |
7.500% Senior Notes, Series Y, due 2024 | Q4 2022 | 982 |
7.500% Senior Notes, Series Y, due 2024 | Q3 2022 | 18 |
5.625% Senior Notes, Series X, due 2025 | Q4 2022 | 286 |
7.200% Senior Notes, Series D, due 2025 | Q4 2022 | 34 |
5.125% Senior Notes due 2026 | Q4 2022 | 520 |
5.125% Senior Notes due 2026 | Q3 2022 | 11 |
6.875% Debentures, Series G, due 2028 | Q4 2022 | 130 |
5.375% Senior Notes due 2029 | Q4 2022 | 494 |
Term Loan B prepayment | Q4 2022 | 909 |
Scheduled term loan payments | Multiple | 125 |
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 |
Embarq Corporation Subsidiaries |  |
First Mortgage Bonds | Q4 2022 | 137 |
Qwest Capital Funding, Inc. |  |
Senior Notes | Q4 2022 | 63 |
Other | Q4 2022 | 68 |
Total Debt Repayments |  | $ | 8,202 |
Debt | Period of Repayment | (Dollars in millions)
Lumen Technologies, Inc. |  |
6.450% Senior Notes, Series S, due 2021 (at maturity) | Q2 2021 | $ | 1,231 |
Scheduled term loan payments | Multiple | 125 |
Level 3 Financing, Inc. |  |
5.375% Senior Notes due 2024 | Q1 2021 | 900 |
Qwest Corporation, Inc. |  |
6.750% Senior Notes (at maturity) | Q4 2021 | 950 |
7.000% Senior Notes due 2056 | Q1 2021 | 235 |
Qwest Capital Funding, Inc. |  |
Senior Notes (at maturity) | Q3 2021 | 97 |
Total Debt Repayments |  | $ | 3,538 |
Schedule of amount of gross interest expense, net of capitalized interest | Interest expense includes interest on total long-term debt. The following table presents the amount of gross interest expense, net of capitalized interest:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (Dollars in millions)
Interest expense: |  |  |  |  |
Gross interest expense | $ | 1,398 |  |  | 1,575 |  |  | 1,743 |
Capitalized interest | (66) |  |  | (53) |  |  | (75) |
Total interest expense | $ | 1,332 |  |  | 1,522 |  |  | 1,668 |

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