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Long-term Debt | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Long-term Debt | Long-term Debt In May 2026, we issued an aggregate of $25.00 billion of fixed-rate senior unsecured notes in six series. The following table summarizes our fixed-senior unsecured notes (the Notes) and the carrying amount of our long-term debt (in millions, except percentages):
| Maturity |  | Stated Interest Rate |  | Effective Interest Rate |  | June 30, 2026 |  | December 31, 2025
August 2022 Notes | 2027 - 2062 |  | 3.50% - 4.65% |  | 3.63% - 4.71% |  | $ | 10,000 |  |  | $ | 10,000 |
May 2023 Notes | 2028 - 2063 |  | 4.60% - 5.75% |  | 4.68% - 5.79% |  | 8,500 |  |  | 8,500 |
August 2024 Notes | 2029 - 2064 |  | 4.30% - 5.55% |  | 4.42% - 5.60% |  | 10,500 |  |  | 10,500 |
November 2025 Notes | 2030 - 2065 |  | 4.20% - 5.75% |  | 4.27% - 5.77% |  | 30,000 |  |  | 30,000 |
May 2026 Notes | 2031 - 2066 |  | 4.55% - 6.45% |  | 4.60% - 6.48% |  | 25,000 |  |  | — |
Total face amount of long-term debt |  |  |  |  |  |  | 84,000 |  |  | 59,000 |
Unamortized discount and issuance costs, net |  |  |  |  |  |  | (336) |  | (256)
Long-term debt |  |  |  |  |  |  | $ | 83,664 |  |  | $ | 58,744 |
Each series of the Notes ranks equally with each other. Interest on the Notes is payable semi-annually in arrears. We may redeem the Notes at any time, in whole or in part, at specified redemption prices. We are not subject to any financial covenants under the Notes. Interest expense, net of capitalized interest, recognized on the Notes was $754 million and $1.29 billion for the three and six months ended June 30, 2026, respectively, and $232 million and $463 million for the three and six months ended June 30, 2025, respectively. The total estimated fair value of our outstanding Notes was $79.75 billion and $57.22 billion as of June 30, 2026 and December 31, 2025, respectively. The fair value was determined based on the quoted prices at the end of the reporting periods and categorized as Level 2 in the fair value hierarchy. As of June 30, 2026, future principal payments for the Notes, by year, are as follows (in millions):
Remainder of 2026 | $ | — |
2027 | 2,750 |
2028 | 1,500 |
2029 | 1,000 |
2030 | 5,000 |
Thereafter | 73,750 |
Total | $ | 84,000 |

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