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Long-Term Debt and Credit Facilities
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Long-Term Debt and Credit Facilities
Long-Term Debt and Credit Facilities
Long-term debt, including unamortized discounts and premiums and unamortized debt issuance costs, consisting of borrowings by CenturyLink, Inc. and certain of its subsidiaries, including Qwest Corporation, Qwest Capital Funding, Inc. and Embarq Corporation and its subsidiaries ("Embarq"), were as follows:
 
Interest Rates
 
Maturities
 
As of
March 31, 2017
 
As of
December 31, 2016
 
 
 
 
 
(Dollars in millions)
CenturyLink, Inc.
 
 
 
 
 
 
 
Senior notes
5.150% - 7.650%
 
2017 - 2042
 
$
8,975

 
8,975

Credit facility and revolving line of credit(1)
4.750%
 
2019
 
375

 
370

Term loan
2.740%
 
2019
 
330

 
336

Subsidiaries
 
 
 
 
 
 
 
Qwest Corporation
 
 
 
 
 
 
 
Senior notes
6.125% - 7.750%
 
2017 - 2056
 
7,259

 
7,259

Term loan
2.740%
 
2025
 
100

 
100

Qwest Capital Funding, Inc.
 
 
 
 
 
 
 
Senior notes
6.500% - 7.750%
 
2018 - 2031
 
981

 
981

Embarq Corporation and subsidiaries
 
 
 
 
 
 
 
Senior note
7.995%
 
2036
 
1,485

 
1,485

First mortgage bonds
7.125% - 8.770%
 
2017 - 2025
 
223

 
223

Other
9.000%
 
2019
 
150

 
150

Capital lease and other obligations
Various
 
Various
 
423

 
440

Unamortized discounts, net
 
 
 
 
(135
)
 
(133
)
Unamortized debt issuance costs
 
 
 
 
(190
)
 
(193
)
Total long-term debt
 
 
 
 
19,976

 
19,993

Less current maturities not associated with assets held for sale
 
 
 
 
(1,499
)
 
(1,503
)
Less capital lease obligations associated with assets held for sale(2)
 
 
 
 
(297
)
 
(305
)
Long-term debt, excluding current maturities and capital leases obligations associated with assets held for sale
 
 
 
 
$
18,180

 
18,185

______________________________________________________________________ 
(1) 
The aggregate amount outstanding on our Credit Facility and revolving line of credit borrowings at March 31, 2017 and December 31, 2016 was $375 million and $370 million, respectively, with a weighted-average interest rate of 4.750% and 4.500%, respectively. These amounts change on a regular basis.
(2) 
The capital lease obligations associated with our data centers and colocation business of $297 million as of March 31, 2017 were assumed by the Purchaser at closing. See Note 3—Sale of Data Centers and Colocation Business for additional information.
Covenants
As of March 31, 2017, we believe we were in compliance with the provisions and covenants contained in our Credit Facility and other material debt agreements.
Subsequent Events
On May 4, 2017, Qwest Corporation redeemed all $500 million of its 6.5% Notes due 2017, which resulted in an immaterial loss.
On April 27, 2017, Qwest Corporation issued $575 million aggregate principal amount of 6.75% Notes due 2057 in exchange for net proceeds, after deducting underwriting discounts and other expenses, of $555 million. All of the 6.75% Notes are unsecured obligations and may be redeemed by Qwest Corporation, in whole or in part, on or after June 15, 2022, at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest to the redemption date.
On April 3, 2017, CenturyLink, Inc. paid at maturity the $500 million principal and accrued and unpaid interest due under its 6.00% Notes.