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Debt | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt | DEBT As of September 30, 2024, we had $60.5 billion of unsecured senior notes outstanding (the “Notes”). Our total long-term debt obligations are as follows (in millions):
| Maturities (1) |  | Stated Interest Rates |  | Effective Interest Rates |  | December 31, 2023 |  | September 30, 2024
2014 Notes issuance of $6.0 billion | 2024 - 2044 |  | 3.80% - 4.95% |  | 3.90% - 5.12% |  | 4,000 |  |  | 4,000 |
2017 Notes issuance of $17.0 billion | 2025 - 2057 |  | 3.15% - 5.20% |  | 3.02% - 4.33% |  | 15,000 |  |  | 13,000 |
2020 Notes issuance of $10.0 billion | 2025 - 2060 |  | 0.80% - 2.70% |  | 0.88% - 2.77% |  | 9,000 |  |  | 9,000 |
2021 Notes issuance of $18.5 billion | 2026 - 2061 |  | 1.00% - 3.25% |  | 1.14% - 3.31% |  | 17,500 |  |  | 15,000 |
April 2022 Notes issuance of $12.8 billion | 2025 - 2062 |  | 3.00% - 4.10% |  | 3.13% - 4.15% |  | 12,750 |  |  | 11,250 |
December 2022 Notes issuance of $8.3 billion | 2024 - 2032 |  | 4.55% - 4.70% |  | 4.61% - 4.83% |  | 8,250 |  |  | 8,250 |
Credit Facility |  |  |  |  |  |  | 682 |  |  | — |
Total face value of long-term debt |  |  |  |  |  |  | 67,182 |  |  | 60,500 |
Unamortized discount and issuance costs, net |  |  |  |  |  |  | (374) |  |  | (362) |
Less: current portion of long-term debt |  |  |  |  |  |  | (8,494) |  |  | (5,248) |
Long-term debt |  |  |  |  |  |  | $ | 58,314 |  |  | $ | 54,890 |
___________________ (1) The weighted-average remaining lives of the 2014, 2017, 2020, 2021, April 2022, and December 2022 Notes were 10.8, 15.5, 16.8, 14.4, 13.1, and 4.1 years as of September 30, 2024. The combined weighted-average remaining life of the Notes was 13.1 years as of September 30, 2024. Interest on the Notes is payable semi-annually in arrears. We may redeem the Notes at any time in whole, or from time to time, in part at specified redemption prices. We are not subject to any financial covenants under the Notes. The estimated fair value of the Notes was approximately $60.6 billion and $55.1 billion as of December 31, 2023 and September 30, 2024, which is based on quoted prices for our debt as of those dates. As of September 30, 2024, we have repaid outstanding borrowings and terminated the secured revolving credit facility with a lender that was secured by certain seller receivables (the “Credit Facility”). The Credit Facility bore interest based on the daily Secured Overnight Financing Rate plus 1.25%, and had a commitment fee of up to 0.45% on the undrawn portion. There were $682 million of borrowings outstanding under the Credit Facility as of December 31, 2023, which had an interest rate of 6.6%. As of December 31, 2023, we had pledged $806 million of our cash and seller receivables as collateral for debt related to our Credit Facility. The estimated fair value of the Credit Facility, which was based on Level 2 inputs, approximated its carrying value as of December 31, 2023. In January 2023, we entered into an $8.0 billion unsecured 364-day term loan with a syndicate of lenders (the “Term Loan”), maturing in January 2024 and bearing interest at the Secured Overnight Financing Rate specified in the Term Loan plus 0.75%. The Term Loan was classified as short-term debt and included within “Accrued expenses and other” on our consolidated balance sheets. As of December 31, 2023, the entire amount of the Term Loan had been repaid. We have U.S. Dollar and Euro commercial paper programs (the “Commercial Paper Programs”) under which we may from time to time issue unsecured commercial paper up to a total of $20.0 billion (including up to €3.0 billion) at the date of issue, with individual maturities that may vary but will not exceed 397 days from the date of issue. There were no borrowings outstanding under the Commercial Paper Programs as of December 31, 2023 and September 30, 2024. We use the net proceeds from the issuance of commercial paper for general corporate purposes. We have a $15.0 billion unsecured revolving credit facility with a syndicate of lenders (the “Credit Agreement”), with a term that extends to November 2028 and may be extended for one or more additional one-year terms subject to approval by the lenders. The interest rate applicable to outstanding balances under the Credit Agreement is the applicable benchmark rate specified in the Credit Agreement plus 0.45%, with a commitment fee of 0.03% on the undrawn portion of the credit facility. There were no borrowings outstanding under the Credit Agreement as of December 31, 2023 and September 30, 2024. As of September 30, 2024, we had a $5.0 billion unsecured 364-day revolving credit facility with a syndicate of lenders (the “2023 Short-Term Credit Agreement”). The interest rate applicable to outstanding balances under the 2023 Short-Term Credit Agreement is the Secured Overnight Financing Rate specified in the 2023 Short-Term Credit Agreement plus 0.45%, with a commitment fee of 0.03% on the undrawn portion. There were no borrowings outstanding under the 2023 Short-Term Credit Agreement as of December 31, 2023 and September 30, 2024. In October 2024, we replaced the 2023 Short-Term Credit Agreement with a new $5.0 billion unsecured 364-day revolving credit facility with a syndicate of lenders on substantially the same terms, which matures in October 2025 and may be extended for one additional period of 364 days subject to approval by the lenders. We also utilize other short-term credit facilities for working capital purposes. There were $147 million and $88 million of borrowings outstanding under these facilities as of December 31, 2023 and September 30, 2024, which were included in “Accrued expenses and other” on our consolidated balance sheets. In addition, we had $8.4 billion of unused letters of credit as of September 30, 2024.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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