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Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2012
Long-term debt  
Schedule of long-term debt
As of March 31, 2012 and December 31, 2011, long-term debt was as follows:

(dollars in millions)
 
March 31, 2012
 
December 31, 2011
Senior Secured Term Loan*
 
$
2,600

 
$
2,600

Senior Notes due 2014 (9.25%)
 
—

 
807

Floating Rate Senior Notes due 2015 (4.506% as of March 31, 2012 and 4.202% as of December 31, 2011)
 
300

 
300

Senior Notes due 2017 (8.75%)
 
700

 
700

Senior Notes due 2018 (10.0%)
 
640

 
640

Senior Notes due 2019 (11.875%)
 
605

 
605

Senior Notes due 2019 (9.375%)
 
500

 
500

Senior Notes due 2019 (8.125%)
 
1,200

 
1,200

Senior Notes due 2020 (8.625%)
 
900

 
—

Convertible Senior Notes due 2013 (15.0%)
 
172

 
272

Convertible Senior Notes due 2015 (7.0%)
 
200

 
200

Convertible Senior Notes due 2015 Series B (7.0%)
 
275

 
275

Convertible Senior Notes due 2016 (6.5%)
 
201

 
201

Commercial Mortgage due 2015 (9.86%)
 
64

 
65

Capital Leases
 
115

 
131

Other
 
30

 
32

Total Debt Obligations
 
8,502

 
8,528

Unamortized (Discount) Premium:
 
 
 
 
Discount on Senior Secured Term Loan
 
(32
)
 
(33
)
Premium on Senior Notes due 2014 (9.25%)
 
—

 
3

Discount on Senior Notes due 2018 (10.0%)
 
(10
)
 
(11
)
Discount on Senior Notes due 2019 (11.875%)
 
(10
)
 
(10
)
Discount on Senior Notes due 2019 (9.375%)
 
(9
)
 
(9
)
Discount on Senior Notes due 2019 (8.125%)
 
(9
)
 
(9
)
Discount on Convertible Senior Notes due 2015 (7.0%)
 
(2
)
 
(2
)
Discount due to embedded derivative contracts
 
(4
)
 
(7
)
Total Unamortized (Discount) Premium
 
(76
)
 
(78
)
Carrying Value of Debt
 
8,426

 
8,450

Less current portion
 
(227
)
 
(65
)
Long-term Debt, less current portion
 
$
8,199

 
$
8,385


* The $1.4 billion Tranche A Term Loan due 2014 had an effective interest rate of 2.73% and 2.65% as of March 31, 2012 and December 31, 2011, respectively, excluding the effect of the $1 billion notional amount interest rate swaps. The $650 million Tranche B II Term Loan due 2018 and the $550 million Tranche B III Term Loan due 2018 had an interest rate of 5.75% as of March 31, 2012 and December 31, 2011.
Schedule of Debt Instrument Redemption Prices [Table Text Block]
The 8.625% Senior Notes are subject to redemption at the option of Level 3 Financing in whole or in part, at any time before January 15, 2016 at the redemption price equal to 100% of their principal amount, plus a make-whole premium and accrued an unpaid interest. On and after January 15, 2016, Level 3 Financing may redeem all or part of the 8.625% Senior Notes, upon not less than 30 nor more than 60 days' prior notice, at the redemption prices set forth below (expressed as a percentage of principal amount), plus accrued and unpaid interest thereon (if any) to, but not including, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the twelve months beginning January 15, of the years indicated below:

Year
Redemption
Price
2016
104.313
%
2017
102.156
%
2018
100.000
%
Schedule of aggregate future contractual maturities of long-term debt and capital leases (excluding issue discounts, premiums and fair value adjustments)

Aggregate future contractual maturities of long-term debt and capital leases (excluding issue discounts, premiums and fair value adjustments) were as follows as of March 31, 2012 (dollars in millions):

2012 (remaining nine months)
 
$
47

2013
 
212

2014
 
1,425

2015
 
838

2016
 
207

2017
 
706

Thereafter
 
5,067

 
 
$
8,502