Long-Term Debt and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of long-term debt including unamortized discounts and premiums

The following chart reflects the consolidated long-term debt of Lumen Technologies, Inc. and its subsidiaries as of the dates indicated below, including unamortized discounts and premiums and unamortized debt issuance costs, but excluding intercompany debt:


			As of December 31,
	Interest Rates(1)	Maturities(1)	2021		2020
			(Dollars in millions)
Senior Secured Debt: (2)
Lumen Technologies, Inc.
Revolving Credit Facility	LIBOR + 2.00%	2025	$	200	150
Term Loan A(3)	LIBOR + 2.00%	2025	1,050		1,108
Term Loan A-1(3)	LIBOR + 2.00%	2025	300		316
Term Loan B(4)	LIBOR + 2.25%	2027	4,900		4,950
Senior notes	4.000%	2027	1,250		1,250
Subsidiaries:
Level 3 Financing, Inc.
Tranche B 2027 Term Loan(5)	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:
Lumen Technologies, Inc.
Senior notes	4.500% - 7.650%	2022 - 2042	8,414		8,645
Subsidiaries:
Level 3 Financing, Inc.
Senior notes	3.625% - 5.375%	2025 - 2029	5,515		5,515
Qwest Corporation
Senior notes	6.500% - 7.750%	2025 - 2057	1,986		3,170
Term loan(6)	LIBOR + 2.00%	2027	215		215
Qwest Capital Funding, Inc.
Senior notes	6.875% - 7.750%	2028 - 2031	255		352
Embarq Corporation and subsidiary
Senior notes(7)	7.995%	2036	—		1,437
Finance lease and other obligations	Various	Various	347		295
Unamortized premiums (discounts), net			21		(78)
Unamortized debt issuance costs			(220)		(237)
Total long-term debt			28,982		31,837
Less current maturities			(1,554)		(2,427)
Long-term debt, excluding current maturities			$	27,428	29,410

_______________________________________________________________________________

(1)As of December 31, 2021.

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

(3)Term Loans A and A-1 had interest rates of 2.104% and 2.147% as of December 31, 2021 and December 31, 2020, respectively.

(4)Term Loan B had interest rates of 2.354% and 2.397% as of December 31, 2021 and December 31, 2020, respectively.

(5)The Level 3 Tranche B 2027 Term Loan had interest rates of 1.854% and 1.897% as of December 31, 2021 and December 31, 2020, respectively.

(6)The Qwest Corporation Term Loan had interest rates of 2.110% and 2.150% as of December 31, 2021 and December 31, 2020, respectively.

(7)As of December 31, 2021, the Embarq Senior notes have been reclassified as held for sale. See Note 2—Planned Divestiture of the Latin American and ILEC Businesses for more information.

Schedule of maturities of long-term debt

Set forth below is the aggregate principal amount of our long-term debt as of December 31, 2021 (excluding unamortized premiums (discounts), net, unamortized debt issuance costs and intercompany debt) maturing during the following years. As a result of reclassifying our Latin American and ILEC businesses as being held for sale on our December 31, 2021 consolidated balance sheet, the amounts presented below do not include maturities of the debt obligations of those businesses. See Note 2—Planned Divestiture of the Latin American and ILEC Businesses for more information.


	(Dollars in millions)(1)
2022	$	1,554
2023	977
2024	1,158
2025	3,127
2026	2,062
2027 and thereafter	20,303
Total long-term debt	$	29,181

______________________________________________________________________

(1)As of December 31, 2021, these amounts exclude $1.5 billion of debt and finance lease obligations that have been reclassified as held for sale. See Note 2—Planned Divestiture of the Latin American and ILEC Businesses for more information.

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,
	2021		2020	2019
	(Dollars in millions)
Interest expense:
Gross interest expense	$	1,575	1,743	2,093
Capitalized interest	(53)		(75)	(72)
Total interest expense	$	1,522	1,668	2,021

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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