Long-Term Debt and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2019

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 as of the dates indicated below, including unamortized discounts and premiums and unamortized debt issuance costs, but excluding intercompany debt and the impact of the debt refinancing transactions described under "Subsequent Events":

			As of December 31,
	Interest Rates(1)	Maturities	2019			2018
			(Dollars in millions)
Senior Secured Debt: (2)
CenturyLink, Inc.
Revolving Credit Facility	4.495%	2022	$	250		550
Term Loan A (3)	LIBOR + 2.75%	2022	1,536			1,622
Term Loan A-1 (3)	LIBOR + 2.75%	2022	333			351
Term Loan B (3)	LIBOR + 2.75%	2025	5,880			5,940
Subsidiaries:
Level 3 Financing, Inc.
Tranche B 2024 Term Loan (4)	LIBOR + 2.25%	2024	—			4,611
Tranche B 2027 Term Loan (5)	LIBOR + 1.75%	2027	3,111			—
Senior notes	3.400% - 3.875%	2027 - 2029	1,500			—
Embarq Corporation subsidiaries
First mortgage bonds	7.125% - 8.375%	2023 - 2025	138			138
Senior Notes and Other Debt:
CenturyLink, Inc.
Senior notes	5.125% - 7.65%	2019 - 2042	8,696			8,036
Subsidiaries:
Level 3 Financing, Inc.
Senior notes	4.625% - 6.125%	2021 - 2027	5,515			5,315
Level 3 Parent, LLC
Senior notes	5.750%	2022	—			600
Qwest Corporation
Senior notes	6.125% - 7.750%	2021 - 2057	5,956			5,956
Term loan (6)	LIBOR + 2.00%	2025	100			100
Qwest Capital Funding, Inc.
Senior notes	6.875% - 7.750%	2021 - 2031	352			697
Embarq Corporation and subsidiary
Senior note	7.995%	2036	1,450			1,485
Other	9.000%	2019	—			150
Finance lease and other obligations	Various	Various	222			801
Unamortized (discounts) premiums and other, net			(52		)	(8	)
Unamortized debt issuance costs			(293		)	(283	)
Total long-term debt			34,694			36,061
Less current maturities			(2,300		)	(652	)
Long-term debt, excluding current maturities			$	32,394		35,409

_______________________________________________________________________________

(1) As of December 31, 2019. See "Subsequent Events" for a discussion of certain changes to CenturyLink's senior secured debt in early 2020.

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

(3) CenturyLink, Inc.'s Term Loans A, A-1, and B had interest rates of 4.549% and 5.272% as of December 31, 2019 and December 31, 2018, respectively.

(4) The Tranche B 2024 Term Loan had an interest rate of 4.754% as of December 31, 2018.

(5) The Tranche B 2027 Term Loan had an interest rate of 3.549% as of December 31, 2019.

(6)

Qwest Corporation's Term Loan had an interest rate of 3.800% as of December 31, 2019 and 4.530% as of December 31, 2018.

Schedule of maturities of long-term debt

Set forth below is the aggregate principal amount of our long-term debt (excluding unamortized discounts and premiums, net and unamortized debt issuance costs) maturing during the following years as of December 31, 2019:

	(Dollars in millions)
2020	$	2,300
2021	2,478
2022	4,224
2023	2,096
2024	1,973
2025 and thereafter	21,968
Total long-term debt	$	35,039

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,
	2019			2018		2017
	(Dollars in millions)
Interest expense:
Gross interest expense	$	2,093		2,230		1,559
Capitalized interest	(72		)	(53	)	(78	)
Total interest expense	$	2,021		2,177		1,481