Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The following chart reflects our consolidated long-term debt, including finance leases, unamortized discounts and premiums, and unamortized debt issuance costs, but excluding intercompany debt:

	Interest Rates(1)	Maturities(1)	September 30, 2020		December 31, 2019
			(Dollars in millions)
Level 3 Financing, Inc.
Senior Secured Debt:(2)(3)
Senior notes	3.400% - 3.875%	2027 - 2029	$	1,500	1,500
Tranche B 2027 Term Loan (4)	LIBOR + 1.750%	2027	3,111		3,111
Senior Notes and other debt:
Senior notes (3)	3.625% - 5.375%	2024 - 2029	5,515		5,515
Finance leases	Various	Various	256		171
Unamortized premiums, net			63		104
Unamortized debt issuance costs			(55)		(34)
Total long-term debt			10,390		10,367
Less current maturities			(13)		(11)
Long-term debt, excluding current maturities			$	10,377	10,356

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(1)As of September 30, 2020.

(2)See Note 6—Long-Term Debt 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)This debt is, or is expected to be, fully and unconditionally guaranteed by certain affiliates of Level 3 Financing, Inc., including Level 3 Parent, LLC and Level 3 Communications, LLC.

(4)The Tranche B 2027 Term Loan had an interest rate of 1.897% at September 30, 2020 and 3.549% at December 31, 2019.

Schedule of Aggregate Future Contractual Maturities of Long-term Debt and Capital Leases (Excluding Discounts)

Set forth below is the aggregate principal amount of our long-term debt and finance leases as of September 30, 2020 (excluding unamortized premiums, net, and unamortized debt issuance costs), maturing during the following years:

	(Dollars in millions)
2020 (remaining three months)	$	5
2021	12
2022	13
2023	15
2024	916
2025 and thereafter	9,421
Total long-term debt	$	10,382