Long-Term Debt and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of long-term debt including unamortized discounts and premiums

The following chart reflects the consolidated long-term debt of CenturyLink, Inc. and its subsidiaries, including unamortized discounts and premiums and unamortized debt issuance costs, but excluding intercompany debt:

			As of December 31,
	Interest Rates(1)	Maturities	2018			2017
			(Dollars in millions)
Senior Secured Debt: (2)
CenturyLink, Inc.
2017 Revolving Credit Facility (3)	5.130% - 7.250%	2022	$	550		405
Term Loan A	5.272%	2022	1,622			1,575
Term Loan A-1	5.272%	2022	351			370
Term Loan B	5.272%	2025	5,940			6,000
Subsidiaries:
Level 3 Financing, Inc.
Tranche B 2024 Term Loan (4)	4.754%	2024	4,611			4,611
Embarq Corporation subsidiaries
First mortgage bonds	7.125% - 8.375%	2023 - 2025	138			151
Senior Notes and Other Debt:
CenturyLink, Inc.
Senior notes	5.625% - 7.650%	2019 - 2042	8,036			8,125
Subsidiaries:
Level 3 Financing, Inc.
Senior notes	5.125% - 6.125%	2021 - 2026	5,315			5,315
Level 3 Parent, LLC
Senior notes	5.750%	2022	600			600
Qwest Corporation
Senior notes	6.125% - 7.750%	2021 - 2057	5,956			7,294
Term loan	4.530%	2025	100			100
Qwest Capital Funding, Inc.
Senior notes	6.875% - 7.750%	2021 - 2031	697			981
Embarq Corporation and subsidiary
Senior note	7.995%	2036	1,485			1,485
Other	9.000%	2019	150			150
Capital lease and other obligations	Various	Various	801			891
Unamortized (discounts) premiums and other, net			(8		)	23
Unamortized debt issuance costs			(283		)	(350	)
Total long-term debt			36,061			37,726
Less current maturities			(652		)	(443	)
Long-term debt, excluding current maturities			$	35,409		37,283

_______________________________________________________________________________

(1) As of December 31, 2018.

(2) See the remainder of this Note for a description of certain parent or subsidiary guarantees and liens securing this debt.

(3) The aggregate amount outstanding on our 2017 revolving credit facility at December 31, 2018 was $550 million with a weighted-average interest rate of 5.322%. These amounts typically change on a regular basis.

(4) The Tranche B 2024 Term Loan had an interest rate of 4.754% as of December 31, 2018 and 3.557% as of December 31, 2017.

Schedule of maturities of long-term debt

Set forth below is the aggregate principal amount of our long-term debt (excluding unamortized discounts and premiums, net and unamortized debt issuance costs) maturing during the following years:

	(Dollars in millions)(1)
2019	$	652
2020	1,205
2021	3,115
2022	5,283
2023	2,096
2024 and thereafter	23,503
Total long-term debt	$	35,854

_______________________________________________________________________________

(1) In Note 3—Sale of Data Centers and Colocation Business, we describe an imputed financing obligation. The amount outstanding on that imputed financing obligation at December 31, 2018 was $558 million. The aggregate maturities of long-term debt do not include $499 million of this obligation, which prior to the end of the lease term on April 30, 2020, will be derecognized along with the remaining net book value of the associated real estate assets.

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,
	2018			2017		2016
	(Dollars in millions)
Interest expense:
Gross interest expense	$	2,230		1,559		1,372
Capitalized interest	(53		)	(78	)	(54	)
Total interest expense	$	2,177		1,481		1,318