Long-Term Debt and Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2020

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:

	Interest Rates(1)	Maturities	March 31, 2020			December 31, 2019
			(Dollars in millions)
Senior Secured Debt: (2)
CenturyLink, Inc.
2017 Revolving Credit Facility (3)	2.889%	2025	$	1,375		250
Term Loan A (3)(4)	LIBOR + 2.00%	2025	1,152			1,536
Term Loan A-1 (3)(4)	LIBOR + 2.00%	2025	329			333
Term Loan B (3)(5)	LIBOR + 2.25%	2027	4,987			5,880
Senior note	4.000%	2027	1,250			—
Subsidiaries:
Level 3 Financing, Inc.
Tranche B 2027 Term Loan (6)	LIBOR + 1.75%	2027	3,111			3,111
Senior notes	3.400% - 3.875%	2027 - 2029	1,500			1,500
Embarq Corporation subsidiaries
First mortgage bonds	7.125% - 8.375%	2023 - 2025	138			138
Senior Notes and Other Debt:
CenturyLink, Inc.
Senior notes	5.125% - 7.650%	2020 - 2042	8,618			8,696
Subsidiaries:
Level 3 Financing, Inc.
Senior notes	4.625% - 5.625%	2022 - 2027	5,515			5,515
Qwest Corporation
Senior notes	6.125% - 7.750%	2021 - 2057	4,856			5,956
Term Loan (7)	LIBOR + 2.00%	2025	100			100
Qwest Capital Funding, Inc.
Senior notes	6.875% - 7.750%	2021 - 2031	352			352
Embarq Corporation and subsidiary
Senior note	7.995%	2036	1,437			1,450
Finance lease and other obligations	Various	Various	205			222
Unamortized discounts, net			(45		)	(52	)
Unamortized debt issuance costs			(270		)	(293	)
Total long-term debt			34,610			34,694
Less current maturities (8)			(1,129		)	(2,300	)
Long-term debt, excluding current maturities			$	33,481		32,394

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(1) As of March 31, 2020.

(2) See Note 7—Long-Term Debt and Credit Facilities in our Annual Report on Form 10-K for the year ended December 31, 2019 for a description of certain parent or subsidiary guarantees and liens securing this debt.

(3) CenturyLink's credit agreement was amended as noted below, extending the maturity date of its (a) Term Loan A, Term Loan A-1 and Revolving Credit Facilities from 2022 to 2025 and (b) Term Loan B from 2025 to 2027.

(4) Term Loans A and A-1 had interest rates of 2.989% and 4.549% as of March 31, 2020 and December 31, 2019, respectively.

(5) Term Loan B had interest rates of 3.239% and 4.549% as of March 31, 2020 and December 31, 2019, respectively.

(6) The Tranche B 2027 Term Loan had an interest rate of 2.739% as of March 31, 2020 and 3.549% as of December 31, 2019, respectively.

(7) Qwest Corporation Term Loan had an interest rate of 2.990% as of March 31, 2020 and 3.800% as of December 31, 2019, respectively.

(8)

See "Subsequent Event" for further details on the April 1, 2020 redemption of $973 million of senior unsecured notes.

Schedule of Maturities of Long-term Debt

Set forth below is the aggregate principal amount of our long-term debt (excluding unamortized discounts, net and unamortized debt issuance costs) maturing during the following years as of March 31, 2020:

	(Dollars in millions)
2020 (remaining nine months) (1)	$	1,094
2021	2,419
2022	2,377
2023	2,160
2024	2,037
2024 and thereafter	24,838
Total long-term debt	$	34,925