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Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Schedule of long-term debt
    The following table summarizes our long-term debt (amounts in millions):
 
Date of
 
March 31, 2017
December 31, 2016
 
Issuance/Amendment
Maturity
Interest Payments
Interest Rate
Amount
Amount
Senior Secured Term Loans:
 
 
 
 
 
 
Borrowed by Level 3 Financing, Inc.
Tranche B-III 2019 Term Loan (1)(4)
Aug 2013
—
Quarterly
LIBOR +3.00%
$
—

$
815

Tranche B 2020 Term Loan (1)(4)
Oct 2013
—
Quarterly
LIBOR +3.00%
—

1,796

Tranche B-II 2022 Term Loan (1)(4)
May 2015
—
Quarterly
LIBOR +2.75%
—

2,000

Tranche B 2024 Term Loan (1)(4)
Feb 2017
Feb 2024
Quarterly
LIBOR +2.25%
4,611

—

Senior Notes:
 
 
 
 
 
 
Issued by Level 3 Financing, Inc.
Floating Rate Senior Notes due 2018 (2)(4)
Nov 2013
Jan 2018
May/Nov
6-Month LIBOR +3.50%
300

300

6.125% Senior Notes due 2021 (2)
Nov 2013
Jan 2021
Apr/Oct
6.125%
640

640

5.375% Senior Notes due 2022 (2)
Aug 2014
Aug 2022
May/Nov
5.375%
1,000

1,000

5.625% Senior Notes due 2023 (2)
Jan 2015
Feb 2023
Jun/Dec
5.625%
500

500

5.125% Senior Notes due 2023 (2)
Apr 2015
May 2023
Mar/Sept
5.125%
700

700

5.375% Senior Notes due 2025 (2)
Apr 2015
May 2025
Mar/Sept
5.375%
800

800

5.375% Senior Notes due 2024 (2)
Nov 2015
Jan 2024
Jan/Jul
5.375%
900

900

5.25% Senior Notes due 2026 (2)
Mar 2016
Mar 2026
Apr/Oct
5.250%
775

775

Issued by Level 3 Communications, Inc.
5.75% Senior Notes due 2022 (3)
Dec 2014
Dec 2022
Mar/Sept
5.750%
600

600

Capital Leases and Other Debt
 
 
 
 
183

183

Total Debt Obligations
 
 
 
 
11,009

11,009

Unamortized discounts
 
 
 
 
—

(13
)
Unamortized debt issuance costs
 
 
 
 
(121
)
(112
)
Current Portion
 
 
 
 
(307
)
(7
)
Total Long-Term Debt
 
 
 
 
$
10,581

$
10,877


(1) The term loans are secured obligations and guaranteed by Level 3 Communications, Inc. and Level 3 Communications, LLC and certain other subsidiaries.
(2) The notes are fully and unconditionally guaranteed on an unsubordinated unsecured basis by Level 3 Communications, Inc. and Level 3 Communications, LLC.
(3) The notes were not guaranteed by any of Level 3 Communications, Inc.'s subsidiaries.
(4) The Tranche B 2024 Term Loan had an interest rate of 3.227% as of March 31, 2017. The term loans may select from several LIBO rates, including 1 month and 2 month rates. As such, payments may be monthly but no less than quarterly. All other term loans were refinanced on February 22, 2017 as described below. The Tranche B-III 2019 Term Loan and the Tranche B 2020 Term Loan each had an interest rate of 4.000% as of December 31, 2016. The Tranche B-II 2022 Term Loan had an interest rate of 3.500% as of December 31, 2016. The Floating Rate Senior Notes due 2018 had an interest rate of 4.762% as of March 31, 2017 and 4.762% as of December 31, 2016. The interest rate on the Tranche B-III 2019 Term Loan, and the Tranche B 2020 Term Loan were set with a minimum LIBOR of 1.00%, the Tranche B-II 2022 Term Loan was set with a minimum LIBOR of 0.75% and the Tranche B 2024 Term Loan is set with a minimum LIBOR of zero percent.
Schedule of aggregate future contractual maturities of long-term debt and capital leases (excluding discounts)
Long-Term Debt Maturities

Aggregate future contractual maturities of long-term debt and capital leases (excluding discounts and debt issuance costs) were as follows as of March 31, 2017 (dollars in millions):

2017 (remaining nine months)
$
5

2018
307

2019
7

2020
8

2021
650

2022
1,610

Thereafter
8,422

 
$
11,009