Long-Term Debt and Credit Facilities (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of long-term debt

The following table reflects our consolidated long-term debt, including finance leases and other obligations, unamortized discounts, net, and unamortized debt issuance costs and excluding intercompany debt:

	Interest Rates (1)	Maturities (1)	June 30, 2025		December 31, 2024
			(Dollars in millions)
Level 3 Financing, Inc.
Secured Senior Debt:(2)
Term Loan B-1(3)	N/A	N/A	$	—	1,199
Term Loan B-2(3)	N/A	N/A	—		1,199
Term Loan B-3(3)	SOFR + 4.25%	2032	2,400		—
Former Facility Tranche B Term Loan(4)	SOFR + 1.75%	2027	12		12
First Lien notes(5)	6.875% to 11.000%	2029 - 2033	4,087		3,846
Second Lien notes	3.875% to 10.000%	2029 - 2032	2,579		2,579
Unsecured Senior Notes:
Senior Notes	3.625% - 4.250%	2028 - 2029	894		964
Finance leases and other obligations	Various	Various	216		229
Unamortized discounts, net			(253)		(225)
Unamortized debt issuance costs			(139)		(138)
Total long-term debt			9,796		9,665
Less current maturities			(40)		(36)
Long-term debt, excluding current maturities			$	9,756	9,629

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(1)As of June 30, 2025. All references to "SOFR" refer to the Secured Overnight Financing Rate.

(2)The debt listed under the caption “Secured Senior Debt” is secured by assets of Level 3 Financing and guaranteed on a secured basis by certain of its affiliates.

(3)Term Loan B-3 had an interest rate of 8.577% as of June 30, 2025. Term Loan B-1 and B-2 each had an interest rate composition of SOFR + 6.56% which equaled 11.133% as of December 31, 2024.

(4)Level 3 Financing's Tranche B 2027 Term Loan issued under a predecessor facility had an interest rate of 6.191% and 6.437% as of June 30, 2025 and December 31, 2024, respectively.

(5)Includes Level 3 Financing's (i) senior secured notes issued in early 2023, (ii) first lien notes issued on March 22, 2024, and (iii) first lien notes issued on June 30, 2025.

Schedule of aggregate future contractual maturities of long-term debt and capital leases (excluding discounts)

Set forth below is the aggregate principal amount of our long-term debt as of June 30, 2025 (excluding unamortized discounts, net, unamortized debt issuance costs, and intercompany debt), maturing during the following years:

	(Dollars in millions)
2025 (remaining six months)	$	20
2026	35
2027	31
2028	198
2029	2,749
2030 and thereafter	7,155
Total long-term debt	$	10,188

Schedule of debt redemptions

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

Debt Redeemed on February 15, 2025	Aggregate Principal Amount (in millions)
3.400% unsecured Senior Notes due 2027	$	5
4.625% unsecured Senior Notes due 2027	65
Total	$	70