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Long-Term Debt and Note Payable - Affiliate | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Long-Term Debt and Note Payable - Affiliate | Long-Term Debt and Note Payable - Affiliate On March 22, 2024 Qwest Corporation, Lumen Technologies, Inc ("Lumen"), Level 3 Financing, Inc. ("Level 3"), and a group of creditors holding a majority of Lumen's consolidated debt (the "Consenting Debtholders" and, collectively with Qwest Corporation, Lumen and Level 3, the "Transaction Service Agreement ("TSA") Parties") completed transactions contemplated under the amended and restated transaction support agreement that the TSA Parties entered into on January 22, 2024 (the "TSA Transactions"). For detailed information about all transactions completed under the TSA, please see Note 5—Long-Term Debt and Credit Facilities to the financial statements included in Item 1 of Part I of Lumen’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. The TSA Transactions, as they relate specifically to Qwest, include the following: •Qwest Corporation and certain of its subsidiaries (the “Qwest Guarantors”) agreed to guarantee Lumen’s obligations under its new credit agreements and superiority secured notes, as further described below; and •Qwest Corporation retired its term loan maturing in 2027, repaid by an affiliate. The following chart reflects the consolidated long-term debt of Qwest Corporation and its subsidiaries, including finance lease and other obligations, unamortized premiums, net and unamortized debt issuance costs:
| Interest Rates (1) |  | Maturities (1) |  | March 31, 2024 |  | December 31, 2023
|  |  |  |  | (Dollars in millions)
Senior notes | 6.500% - 7.750% |  | 2025 - 2057 |  | $ | 1,986 |  |  | 1,986 |
Term loan (2) | SOFR + 2.50% |  | 2027 |  | — |  |  | 215 |
Finance lease and other obligations | Various |  | Various |  | 4 |  |  | 4 |
Unamortized premiums, net |  |  |  |  | 3 |  |  | 4 |
Unamortized debt issuance costs |  |  |  |  | (51) |  |  | (52) |
Total long-term debt |  |  |  |  | $ | 1,942 |  |  | 2,157 |
Less current maturities |  |  |  |  | (1) |  |  | (1) |
Long-term debt, excluding current maturities |  |  |  |  | $ | 1,941 |  |  | 2,156 |
_______________________________________________________________________________ (1)As of March 31, 2024. (2)The Term Loan had an interest rate of 7.970% as of December 31, 2023. Long-Term Debt Maturities Set forth below is the aggregate principal amount of our long-term debt as of March 31, 2024 (excluding unamortized premiums, net, unamortized debt issuance costs and note payable-affiliate) maturing during the following years:
| (Dollars in millions)
2024 (remaining nine months) | $ | — |
2025 | 251 |
2026 | 1 |
2027 | 1 |
2028 | — |
2029 and thereafter | 1,737 |
Total long-term debt | $ | 1,990 |
Impact of Debt Transactions Consummation of the above-described TSA Transactions substantially changed the structure and terms of Lumen's consolidated long-term debt, including by repaying our term loan maturing 2027 and causing the Qwest Guarantors to guarantee certain of Lumen’s debt. For additional information about the TSA Transactions, see (i) the other information included in this report and (ii) our Current Report on Form 8-K dated March 22, 2024. Qwest Guarantees of Lumen Debt Lumen’s obligations under its new credit agreements entered into on March 22, 2024 and its new superpriority secured senior notes issued on March 22, 2024 are unsecured, but the Qwest Guarantors have provided an unconditional unsecured guarantee of payment of Lumen’s obligations under these agreements and senior notes. Senior Notes and Intercompany Debt For information about our senior notes and intercompany debt arrangement, see Note 6—Long-Term Debt and Note Payable—Affiliate to the financial statements included in Item 8 of Part II of Qwest’s Annual Report on Form 10-K for the year ended December 31, 2023. Compliance As of March 31, 2024, we believe we were in compliance with the financial covenants contained in our 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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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