Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of long-term debt

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

	Interest Rates (1)	Maturities (1)	December 31, 2023		December 31, 2022
			(Dollars in millions)
Level 3 Financing, Inc.
Senior Secured Debt: (2)
Senior notes	3.400% - 10.500%	2027 - 2030	$	2,425	1,500
Tranche B 2027 Term Loan (3)	SOFR + 1.75%	2027	2,411		2,411
Senior Notes and Other Debt:
Senior notes (4)	3.625% - 4.625%	2027 - 2029	3,940		3,940
Finance leases and other obligations	Various	Various	259		291
Unamortized premiums, net			2		3
Unamortized debt issuance costs			(54)		(49)
Total long-term debt			8,983		8,096
Less current maturities			(31)		(26)
Long-term debt, excluding current maturities			$	8,952	8,070

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(1)As of December 31, 2023.

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

(3)The Tranche B 2027 Term Loan had an interest rate of 7.220% and 6.134% as of December 31, 2023 and December 31, 2022, respectively.

(4)See the remainder of this Note for a description of guarantees provided by certain affiliates of Level 3 Financing, Inc.

Schedule of debt repayments

During 2022, we used available cash to repay the following aggregate principal amounts of indebtedness through a combination of tender offers, redemptions and repayments. These transactions resulted in a net gain of $8 million.

Debt	Period of Repayment	(Dollars in millions)
Tranche B 2027 Term Loan	Q3 2022	$	700
5.375% Senior Notes due 2025	Q3 2022	800
5.250% Senior Notes due 2026	Q3 2022	775
Total debt repayments		$	2,275

Schedule of amount of gross interest expense, net of capitalized interest

The following table presents the amount of gross interest expense, net of capitalized interest:

	Years Ended December 31,
	2023		2022	2021
	(Dollars in millions)
Interest expense:
Gross interest expense	$	480	390	376
Capitalized interest	(22)		(16)	(15)
Total interest expense	$	458	374	361

Schedule of aggregate future contractual maturities of long-term debt and capital leases (excluding unamortized premiums)

Set forth below is the aggregate principal amount of our long-term debt as of December 31, 2023 (excluding unamortized premiums, net, unamortized debt issuance costs and intercompany debt) maturing during the following years:

	(Dollars in millions)
2024	$	31
2025	36
2026	35
2027	4,180
2028	1,219
2029 and thereafter	3,534
Total long-term debt	$	9,035