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Long-Term Debt and Credit Facilities (Tables) | 9 Months Ended
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Sep. 30, 2023
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:
| Interest Rates(1) |  | Maturities(1) |  | September 30, 2023 |  | December 31, 2022
|  |  |  |  | (Dollars in millions)
Senior Secured Debt: (2) |  |  |  |  |  |  |
Lumen Technologies, Inc. |  |  |  |  |  |  |
Revolving Credit Facility(3) | SOFR + 2.00% |  | 2025 |  | $ | 75 |  |  | — |
Term Loan A(4) | SOFR + 2.00% |  | 2025 |  | 948 |  |  | 991 |
Term Loan A-1(4) | SOFR + 2.00% |  | 2025 |  | 271 |  |  | 283 |
Term Loan B(5) | SOFR + 2.25% |  | 2027 |  | 3,903 |  |  | 3,941 |
Senior notes | 4.000% |  | 2027 |  | 1,250 |  |  | 1,250 |
Subsidiaries: |  |  |  |  |  |  |
Level 3 Financing, Inc. |  |  |  |  |  |  |
Tranche B 2027 Term Loan(6) | SOFR + 1.75% |  | 2027 |  | 2,411 |  |  | 2,411 |
Senior notes | 3.400% - 10.500% |  | 2027 - 2030 |  | 2,425 |  |  | 1,500 |
Senior Notes and Other Debt: |  |  |  |  |  |  |
Lumen Technologies, Inc. |  |  |  |  |  |  |
Senior notes | 4.500% - 7.650% |  | 2025 - 2042 |  | 2,143 |  |  | 3,722 |
Subsidiaries: |  |  |  |  |  |  |
Level 3 Financing, Inc. |  |  |  |  |  |  |
Senior notes | 3.625% - 4.625% |  | 2027 - 2029 |  | 3,940 |  |  | 3,940 |
Qwest Corporation |  |  |  |  |  |  |
Senior notes | 6.500% - 7.750% |  | 2025 - 2057 |  | 1,986 |  |  | 1,986 |
Term loan(7) | SOFR + 2.50% |  | 2027 |  | 215 |  |  | 215 |
Qwest Capital Funding, Inc. |  |  |  |  |  |  |
Senior notes | 6.875% - 7.750% |  | 2028 - 2031 |  | 192 |  |  | 192 |
Finance lease and other obligations(8) | Various |  | Various |  | 291 |  |  | 317 |
Unamortized discounts, net |  |  |  |  | (3) |  |  | (7) |
Unamortized debt issuance costs |  |  |  |  | (152) |  |  | (169) |
Total long-term debt |  |  |  |  | 19,895 |  |  | 20,572 |
Less current maturities |  |  |  |  | (155) |  |  | (154) |
Long-term debt, excluding current maturities |  |  |  |  | $ | 19,740 |  |  | 20,418 |
______________________________________________________________________ (1)As of September 30, 2023. (2)See Note 7—Long-Term Debt and Credit Facilities in our Annual Report on Form 10-K for the year ended December 31, 2022 for a description of certain parent or subsidiary guarantees and liens securing this debt. (3)Revolving Credit Facility had an interest rate of 7.450% as of September 30, 2023. (4)Term Loans A and A-1 had interest rates of 7.431% and 6.384% as of September 30, 2023 and December 31, 2022, respectively. (5)Term Loan B had interest rates of 7.681% and 6.634% as of September 30, 2023 and December 31, 2022, respectively. (6)The Level 3 Tranche B 2027 Term Loan had interest rates of 7.181% and 6.134% as of September 30, 2023 and December 31, 2022, respectively. (7)The Qwest Corporation Term Loan had interest rates of 7.931% and 6.640% as of September 30, 2023 and December 31, 2022, respectively. (8)Excludes finance lease obligations of our EMEA business classified as held for sale.
Schedule of Maturities of Long-term Debt | Set forth below is the aggregate principal amount of our long-term debt as of September 30, 2023 (excluding unamortized discounts, 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 September 30, 2023 consolidated balance sheet, the amounts presented below do not include maturities of the finance lease obligations of that business. See Note 2—Planned Divestiture of the EMEA Business.
| (Dollars in millions)
2023 (remaining three months) | $ | 40 |
2024 | 157 |
2025 | 1,739 |
2026 | 498 |
2027 | 9,386 |
2028 and thereafter | 8,230 |
Total long-term debt | $ | 20,050 |
Schedule of Debt Repayments | The following table sets forth the aggregate principal amount of each series of Lumen’s senior unsecured notes retired during the nine months ended September 30, 2023, in connection with the above-described exchange transactions:
Debt | Period of Reduction | Aggregate principal (amounts in millions)
5.625% Senior Notes, Series X, due 2025 | Q1 2023 | $ | 48 |
7.200% Senior Notes, Series D, due 2025 | Q1 2023 | 21 |
5.125% Senior Notes due 2026 | Q1 2023 | 291 |
6.875% Debentures, Series G, due 2028 | Q1 2023 | 52 |
5.375% Senior Notes due 2029 | Q1 2023 | 275 |
4.500% Senior Notes due 2029 | Q1 2023 | 556 |
7.600% Senior Notes, Series P, due 2039 | Q1 2023 | 161 |
7.650% Senior Notes, Series U, due 2042 | Q1 2023 | 131 |
5.625% Senior Notes, Series X, due 2025 | Q2 2023 | 1 |
4.500% Senior Notes due 2029 | Q2 2023 | 2 |
7.600% Senior Notes, Series P, due 2039 | Q2 2023 | 3 |
7.650% Senior Notes, Series U, due 2042 | Q2 2023 | 13 |
Total |  | $ | 1,554 |

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