Long-Term Debt and Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Including Unamortized Discounts and Premiums

The following table reflects the consolidated long-term debt of Lumen Technologies, Inc. and its subsidiaries as of the dates indicated below, including unamortized premiums (discounts) and unamortized debt issuance costs:

	Interest Rates(1)	Maturities(1)	March 31, 2025		December 31, 2024
			(Dollars in millions)
Senior Secured Debt: (2)
Lumen Technologies, Inc.
Series A Revolving Credit Facility	SOFR + 4.00%	2028	$	—	—
Series B Revolving Credit Facility	SOFR + 6.00%	2028	—		—
Term Loan A(3)	SOFR + 6.00%	2028	352		357
Term Loan B-1(4)	SOFR + 2.35%	2029	1,602		1,606
Term Loan B-2(4)	SOFR + 2.35%	2030	1,602		1,606
Term Loan B(5)	SOFR + 2.25%	2027	56		56
Superpriority Notes	4.125% - 10.000%	2029 - 2032	1,247		1,247
Subsidiaries
Level 3 Financing, Inc.
Term Loan B-1(6)	N/A	N/A	—		1,199
Term Loan B-2(6)	N/A	N/A	—		1,199
Term Loan B-3(7)	SOFR + 4.25%	2032	2,400		—
Former Facility Tranche B Term Loan(8)	SOFR + 1.75%	2027	12		12
First Lien Notes(9)	10.500% - 11.000%	2029 - 2030	3,846		3,846
Second Lien Notes	3.875% - 10.000%	2029 - 2032	2,579		2,579
Unsecured Senior Notes and Other Debt:
Lumen Technologies, Inc.
Senior notes	4.500% - 7.650%	2028 - 2042	1,296		1,428
Subsidiaries:
Level 3 Financing, Inc.
Senior notes	3.625% - 4.250%	2028 - 2029	894		964
Qwest Corporation
Senior notes	6.500% - 7.750%	2025 - 2057	1,973		1,973
Qwest Capital Funding, Inc.
Senior notes	6.875% - 7.750%	2028 - 2031	192		192
Finance lease and other obligations	Various	Various	250		254
Unamortized discounts, net			(412)		(395)
Unamortized debt issuance costs			(225)		(217)
Total long-term debt			17,664		17,906
Less current maturities			(330)		(412)
Long-term debt, excluding current maturities			$	17,334	17,494

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(1)As of March 31, 2025. All references to "SOFR" refer to the Secured Overnight Financing Rate.

(2)The debt listed under the caption “Senior Secured Debt” is either secured by assets of the issuer, guaranteed on a secured or unsecured basis by certain affiliates of the issuer, or both.

(3)Term Loan A had an interest rate of 10.324% and 10.573% as of March 31, 2025 and December 31, 2024, respectively.

(4)Term Loan B-1 and B-2 each had an interest rate of 6.788% and 7.037% as of March 31, 2025 and December 31, 2024, respectively.

(5)Term Loan B had an interest rate of 6.688% and 6.937% as of March 31, 2025 and December 31, 2024, respectively.

(6)Level 3 Financing's Term Loan B-1 and B-2 each had an interest rate composition of SOFR + 6.56% which was 11.133% as of December 31, 2024.

(7)Level 3 Financing's Term Loan B-3 had an interest rate of 8.574% as of March 31, 2025.

(8)Level 3 Financing's Former Facility Tranche B 2027 Term Loan had an interest rate of 6.188% and 6.437% as of March 31, 2025 and December 31, 2024, respectively.

(9)Reflects Level 3 Financing's senior secured notes issued in early 2023 and first lien notes issued on March 22, 2024.

Schedule of Maturities of Long-Term Debt

Set forth below is the aggregate principal amount of our long-term debt as of March 31, 2025 (excluding unamortized discounts, net, and unamortized debt issuance costs), maturing during the following years.

	(Dollars in millions)
2025 (remaining nine months)	$	307
2026	89
2027	139
2028	739
2029	6,004
2030 and thereafter	11,023
Total long-term debt	$	18,301

Schedule of Redemptions of Debt

The following table sets forth the aggregate principal amount of each series of unsecured senior notes of Lumen and Level 3 Financing fully redeemed in exchange for cash on February 15, 2025. Transaction fees related to these redemptions were not significant.

Debt	Aggregate Principal Amount (in millions)
Lumen Technologies, Inc.
5.625% unsecured Senior Notes due 2025	$	55
7.200% unsecured Senior Notes due 2025	29
5.125% unsecured Senior Notes due 2026	7
4.000% unsecured Senior Notes due 2027	41
Level 3 Financing, Inc.
3.400% unsecured Senior Notes due 2027	5
4.625% unsecured Senior Notes due 2027	65
Total	$	202