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Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt DEBT
As of June 30, 2025, we had $55.3 billion of unsecured senior notes outstanding (the “Notes”). Our total long-term debt obligations are as follows (in millions):
Maturities (1)Stated Interest RatesEffective Interest RatesDecember 31, 2024June 30, 2025
2014 Notes issuance of $6.0 billion
2034 - 2044
4.80% - 4.95%
4.93% - 5.12%
2,750 2,750 
2017 Notes issuance of $17.0 billion
2025 - 2057
3.15% - 5.20%
3.02% - 4.33%
13,000 13,000 
2020 Notes issuance of $10.0 billion
2027 - 2060
1.20% - 2.70%
1.26% - 2.77%
9,000 7,750 
2021 Notes issuance of $18.5 billion
2026 - 2061
1.00% - 3.25%
1.14% - 3.31%
15,000 15,000 
April 2022 Notes issuance of $12.8 billion
2027 - 2062
3.30% - 4.10%
3.40% - 4.15%
11,250 9,750 
December 2022 Notes issuance of $8.3 billion
2025 - 2032
4.55% - 4.70%
4.61% - 4.74%
7,000 7,000 
Other long-term debt— 832 
Total face value of long-term debt58,000 56,082 
Unamortized discount and issuance costs, net(360)(359)
Less: current portion of long-term debt(5,017)(5,005)
Long-term debt$52,623 $50,718 
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(1) The weighted-average remaining lives of the 2014, 2017, 2020, 2021, April 2022, and December 2022 Notes were 14.9, 14.7, 18.6, 13.7, 14.3, and 4.1 years as of June 30, 2025. The combined weighted-average remaining life of the Notes was 13.6 years as of June 30, 2025.
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 $50.2 billion and $48.2 billion as of December 31, 2024 and June 30, 2025, which is based on quoted prices for our debt as of those dates.
As of September 30, 2024, we had 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.
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 $30.0 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. In April 2025, we increased the size of the Commercial Paper Programs from $20.0 billion to $30.0 billion. There were no borrowings outstanding under the Commercial Paper Programs as of December 31, 2024 and June 30, 2025. 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, 2024 and June 30, 2025.
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 2025 and may be extended for one additional period of 364 days subject to approval 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, 2024 and June 30, 2025.
We also utilize other short-term credit facilities for working capital purposes. There were $151 million and $173 million of borrowings outstanding under these facilities as of December 31, 2024 and June 30, 2025, which were included in “Accrued expenses and other” on our consolidated balance sheets. In addition, we had $9.0 billion of unused letters of credit as of June 30, 2025.