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Debt
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt DEBT
As of September 30, 2021, we had $50.7 billion of unsecured senior notes outstanding (the “Notes”). We issued $18.5 billion of Notes in May 2021, of which $1.0 billion was issued for green or social projects, such as projects related to clean transportation, renewable energy, sustainable buildings, affordable housing, or socioeconomic advancement and empowerment, and the remainder for general corporate purposes. We also had other long-term debt and borrowings under our credit facility of $924 million and $626 million as of December 31, 2020 and September 30, 2021. Our total long-term debt obligations are as follows (in millions):
Maturities (1)Stated Interest RatesEffective Interest RatesDecember 31, 2020September 30, 2021
2012 Notes issuance of $3.0 billion
20222.50%2.66%1,250 1,250 
2014 Notes issuance of $6.0 billion
2021 - 2044
3.30% - 4.95%
3.43% - 5.11%
5,000 5,000 
2017 Notes issuance of $17.0 billion
2023 - 2057
2.40% - 5.20%
2.56% - 4.33%
16,000 16,000 
2020 Notes issuance of $10.0 billion
2023 - 2060
0.40% - 2.70%
0.56% - 2.77%
10,000 10,000 
2021 Notes issuance of $18.5 billion
2023 - 2061
0.25% - 3.25%
0.35% - 3.31%
— 18,500 
Credit Facility338 626 
Other long-term debt586 — 
Total face value of long-term debt33,174 51,376 
Unamortized discount and issuance costs, net(203)(321)
Less current portion of long-term debt(1,155)(1,000)
Long-term debt$31,816 $50,055 
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(1) The weighted-average remaining lives of the 2012, 2014, 2017, 2020, and 2021 Notes were 1.2, 11.1, 15.5, 18.0, and 14.6 years as of September 30, 2021. The combined weighted-average remaining life of the Notes was 14.8 years as of September 30, 2021.
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 $37.7 billion and $54.3 billion as of December 31, 2020 and September 30, 2021, which is based on quoted prices for our debt as of those dates.
We have a $740 million secured revolving credit facility with a lender that is secured by certain seller receivables, which we may from time to time increase in the future subject to lender approval (the “Credit Facility”). The Credit Facility is available until October 2022, bears interest at the London interbank offered rate (“LIBOR”) plus 1.40%, and has a commitment fee of 0.50% on the undrawn portion. There were $338 million and $626 million of borrowings outstanding under the Credit Facility as of December 31, 2020 and September 30, 2021, which had a weighted-average interest rate of 3.0% and 2.8%, respectively. As of December 31, 2020 and September 30, 2021, we have pledged $398 million and $719 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 is based on Level 2 inputs, approximated its carrying value as of December 31, 2020 and September 30, 2021.
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 $10.0 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 $725 million of borrowings outstanding under the Commercial Paper Programs as of December 31, 2020 and September 30, 2021, which were included in “Accrued expenses and other” on our consolidated balance sheets and had a weighted-average effective interest rate, including issuance costs, of 0.11% and 0.07%, respectively. We use the net proceeds from the issuance of commercial paper for general corporate purposes.
We also have a $7.0 billion unsecured revolving credit facility with a syndicate of lenders with a term that extends to June 2023 (the “Credit Agreement”). It may be extended for up to three additional one-year terms if approved by the lenders. The interest rate applicable to outstanding balances under the amended and restated Credit Agreement is LIBOR plus 0.50%, with a commitment fee of 0.04% on the undrawn portion of the credit facility. There were no borrowings outstanding under the Credit Agreement as of December 31, 2020 and September 30, 2021.
We also utilize other short-term credit facilities for working capital purposes. These amounts are included in “Accrued expenses and other” on our consolidated balance sheets. In addition, we had $6.9 billion of unused letters of credit as of September 30, 2021.