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Long-Term Debt and Note Payable - Affiliate | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Long-Term Debt and Note Payable - Affiliate | Long-Term Debt and Note Payable - Affiliate The following chart reflects (i) the consolidated long-term debt of Qwest Corporation and its subsidiaries, including finance lease and other obligations, unamortized premiums, net, unamortized debt issuance costs and (ii) note payable - affiliate:
| Interest Rates |  | Maturities |  | March 31, 2020 |  | December 31, 2019
|  |  |  |  | (Dollars in millions)
Senior notes | 6.125% - 7.750% |  | 2021 - 2057 |  | $ | 4,856 |  |  | 5,956 |
Term loan (1) | LIBOR + 2.00% |  | 2025 |  | 100 |  |  | 100 |
Finance lease and other obligations | Various |  | Various |  | 8 |  |  | 10 |
Unamortized premiums, net |  |  |  |  | 4 |  |  | — |
Unamortized debt issuance costs |  |  |  |  | (114 | ) |  | (115 | )
Total long-term debt |  |  |  |  | 4,854 |  |  | 5,951 |
Less current maturities |  |  |  |  | (3 | ) |  | (1,105 | )
Long-term debt, excluding current maturities |  |  |  |  | $ | 4,851 |  |  | 4,846 |
Note payable - affiliate | 5.561% |  | 2022 |  | $ | 1,100 |  |  | 1,069 |
_______________________________________________________________________________ (1) Qwest Corporation's Term Loan had an interest rate of 2.990% as of March 31, 2020 and 3.800% as of December 31, 2019 Redemption of Senior Notes On January 15, 2020, Qwest Corporation fully redeemed all $850 million aggregate principal amount of its outstanding 6.875% senior notes due 2033 and all $250 million aggregate principal amount of its outstanding 7.125% senior notes due 2043 which resulted in a loss of $12 million. Note Payable - Affiliate On September 30, 2017, Qwest Corporation entered into an amended and restated revolving promissory note in the amount of $965 million with an affiliate of our ultimate parent company, CenturyLink, Inc. This note replaced and amended the original $1.0 billion revolving promissory note Qwest Corporation entered into on April 18, 2012 with the same affiliate. The outstanding principal balance owed by Qwest Corporation under this revolving promissory note and the accrued interest thereon is due and payable on demand, but if no demand is made, then on June 30, 2022. Interest is accrued on the outstanding balance during an interest period using a weighted average per annum interest rate on the consolidated outstanding debt of CenturyLink and its subsidiaries. As of March 31, 2020, the amended and restated revolving promissory note had an outstanding balance of $1.100 billion and bore interest at a weighted-average interest rate of 5.561%. As of March 31, 2020 and December 31, 2019, the amended and restated revolving promissory note is reflected on our consolidated balance sheets as a current liability under "Note payable - affiliate". In accordance with the terms of the amended and restated revolving promissory note, interest shall be assessed on June 30th and December 31st (an "Interest Period"). Any assessed interest for an Interest Period that remains unpaid on the last day of the subsequent Interest Period is to be capitalized on such date and is to begin accruing interest. Through March 31, 2020, $136 million of such interest has been capitalized. As of March 31, 2020, $15 million of accrued interest is reflected in other current liabilities on our consolidated balance sheet. Aggregate Maturities of Long-Term Debt Set forth below is the aggregate principal amount of our long-term debt (excluding unamortized premiums and discounts and unamortized debt issuance costs and excluding note payable-affiliate) maturing during the following years:
| (Dollars in millions)
2020 (remaining nine months) | $ | 3 |
2021 | 951 |
2022 | 1 |
2023 | — |
2024 | 1 |
2025 and thereafter | 4,008 |
Total long-term debt | $ | 4,964 |
Compliance As of March 31, 2020, we believe we were in compliance with the financial covenants contained in our material debt agreements in all material respects. Other For additional information on our long-term debt and credit facilities, see Note 5—Long-Term Debt and Revolving Promissory Note to our consolidated financial statements in Item 8 of Part II of our annual report on Form 10-K for the year ended December 31, 2019.

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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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