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Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt DEBT
As of March 31, 2024, we had $66.5 billion of unsecured senior notes outstanding (the “Notes”) and $352 million of borrowings under our secured revolving credit facility. Our total long-term debt obligations are as follows (in millions):
Maturities (1)Stated Interest RatesEffective Interest RatesDecember 31, 2023March 31, 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
2024 - 2057
2.80% - 5.20%
2.95% - 4.33%
15,000 15,000 
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
2024 - 2061
0.45% - 3.25%
0.57% - 3.31%
17,500 17,500 
April 2022 Notes issuance of $12.8 billion
2024 - 2062
2.73% - 4.10%
2.83% - 4.15%
12,750 12,750 
December 2022 Notes issuance of $8.3 billion
2024 - 2032
4.55% - 4.70%
4.61% - 4.83%
8,250 8,250 
Credit Facility682 352 
Total face value of long-term debt67,182 66,852 
Unamortized discount and issuance costs, net(374)(370)
Less: current portion of long-term debt(8,494)(8,848)
Long-term debt$58,314 $57,634 
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(1) The weighted-average remaining lives of the 2014, 2017, 2020, 2021, April 2022, and December 2022 Notes were 11.3, 13.9, 17.3, 12.8, 12.0, and 4.6 years as of March 31, 2024. The combined weighted-average remaining life of the Notes was 12.4 years as of March 31, 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 $59.4 billion as of December 31, 2023 and March 31, 2024, which is based on quoted prices for our debt as of those dates.
We have a $352 million secured revolving credit facility with a lender that is secured by certain seller receivables, which we decreased from $1.5 billion to $352 million in March 2024 and we may from time to time increase in the future subject to lender approval (the “Credit Facility”). The Credit Facility is available until August 2025, bears interest based on the daily Secured Overnight Financing Rate plus 1.25%, and has a commitment fee of up to 0.45% on the undrawn portion. There were $682 million and $352 million of borrowings outstanding under the Credit Facility as of December 31, 2023 and March 31, 2024, which had an interest rate of 6.6%. We reclassified all of the $352 million outstanding as of March 31, 2024 to be included with the current portion of long-term debt within “Accrued expenses and other” on our consolidated balance sheets. As of December 31, 2023 and March 31, 2024, we have pledged $806 million and $466 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, 2023 and March 31, 2024.
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 March 31, 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 if approved 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 March 31, 2024.
We have a $5.0 billion unsecured 364-day revolving credit facility with a syndicate of lenders (the “Short-Term Credit Agreement”), which matures in October 2024 and may be extended for one additional period of 364 days if approved by the lenders. The interest rate applicable to outstanding balances under the Short-Term Credit Agreement is the Secured Overnight Financing Rate specified in the 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 Short-Term Credit Agreement as of December 31, 2023 and March 31, 2024.
We also utilize other short-term credit facilities for working capital purposes. There were $147 million and $50 million of borrowings outstanding under these facilities as of December 31, 2023 and March 31, 2024, which were included in “Accrued expenses and other” on our consolidated balance sheets. In addition, we had $8.5 billion of unused letters of credit as of March 31, 2024.