Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt

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

	Interest Rates (1)	Maturities (1)	December 31, 2020		December 31, 2019
			(Dollars in millions)
Level 3 Financing, Inc.
Senior Secured Debt: (2)
Senior notes	3.400% - 3.875%	2027 - 2029	$	1,500	1,500
Tranche B 2027 Term Loan (3)	LIBOR + 1.750%	2027	3,111		3,111
Senior Notes and Other Debt:
Senior notes (4)	3.625% - 5.375%	2024 - 2029	5,515		5,515
Finance leases	Various	Various	255		171
Unamortized premiums, net			60		104
Unamortized debt issuance costs			(54)		(34)
Total long-term debt			10,387		10,367
Less current maturities			(14)		(11)
Long-term debt, excluding current maturities			$	10,373	10,356

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(1)As of December 31, 2020

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

(3)The Tranche B 2027 Term Loan had an interest rate of 1.897% as of December 31, 2020 and 3.549% as of December 31, 2019.

(4)This debt is guaranteed by Level 3 Parent, LLC and Level 3 Communications, LLC.

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, 2020 (excluding unamortized premiums, net and unamortized debt issuance costs) maturing during the following years:

	(Dollars in millions)
2021	$	14
2022	14
2023	15
2024	916
2025	817
2026 and thereafter	8,605
Total long-term debt	$	10,381

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,
	2020		2019	2018
	(Dollars in millions)
Interest expense:
Gross interest expense	$	416	517	510
Capitalized interest	(23)		(15)	(1)
Total interest expense	$	393	502	509