Long-Term Debt and Credit Facilities (Tables)

6 Months Ended

Jun. 30, 2018

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	June 30, 2018			December 31, 2017
			(Dollars in millions)
Senior Secured Debt:
CenturyLink, Inc.
2017 Revolving Credit Facility(2)	4.844%	2022	$	—		405
Term Loan A	4.844%	2022	1,664			1,575
Term Loan A-1	4.844%	2022	361			370
Term Loan B	4.844%	2025	5,970			6,000
Subsidiaries:
Level 3 Financing, Inc.
Tranche B 2024 Term Loan (3)	LIBOR + 2.25%	2024	4,611			4,611
Embarq Corporation subsidiaries
First mortgage bonds	7.125% - 8.375%	2023 - 2025	138			151
Senior Notes and Other Debt:
CenturyLink, Inc.
Senior notes	5.625% - 7.650%	2019 - 2042	8,125			8,125
Subsidiaries:
Level 3 Financing, Inc.
Senior notes	5.125% - 6.125%	2021 - 2026	5,315			5,315
Level 3 Parent, LLC
Senior notes	5.750%	2022	600			600
Qwest Corporation
Senior notes	6.125% - 7.750%	2021 - 2057	7,294			7,294
Term loan	4.100%	2025	100			100
Qwest Capital Funding, Inc.
Senior notes	6.5% - 7.750%	2018 - 2031	981			981
Embarq Corporation and subsidiary
Senior note	7.995%	2036	1,485			1,485
Other	9.000%	2019	150			150
Capital lease and other obligations	Various	Various	844			891
Unamortized premiums and other, net			11			23
Unamortized debt issuance costs			(334		)	(350	)
Total long-term debt			37,315			37,726
Less current maturities			(437		)	(443	)
Long-term debt, excluding current maturities			$	36,878		37,283

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(1) As ofJune 30, 2018.

(2) The aggregate amount outstanding on our revolving line of credit borrowings atDecember 31, 2017 was$405 million, with a weighted-average interest rate of 4.186%. At June 30, 2018, we had no borrowings outstanding under our revolving line of credit. These amounts typically change on a regular basis.

(3) The Tranche B 2024 Term Loan is a secured obligation and is guaranteed by Level 3 Parent, LLC and certain other subsidiaries. The Tranche B 2024 Term Loan had an interest rate of 4.3341% as of June 30, 2018 and 3.557% as of December 31, 2017. The interest rate on the Tranche B 2024 Term Loan is set with a minimum London Interbank Offered Rate ("LIBOR") of zero percent.

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:

	(Dollars in millions)(1)(2)
2018 (remaining six months)	$	303
2019	638
2020	1,194
2021	3,110
2022	4,757
2023 and thereafter	27,136
Total long-term debt	$	37,138

_______________________________________________________________________________

(1) In Note 3—Sale of Data Centers and Colocation Business, we describe an imputed financing obligation. The amount outstanding on that imputed financing obligation at June 30, 2018 was $578 million. The aggregate maturities of long-term debt do not include $499 million of this obligation, which prior to the end of the lease term on April 30, 2020, will be derecognized along with the remaining net book value of the associated real estate assets.

(2) Actual principal paid in any year may differ due to the possible future refinancing of outstanding debt or the issuance of new debt. The projected amounts in the table also exclude any impacts from any further acquisitions.