Long-term Debt

9 Months Ended

Sep. 30, 2024

In August 2024, we issued an aggregate of $10.50 billion of fixed-rate senior unsecured notes in five series. As of September 30, 2024 and December 31, 2023, we had $29.0 billion and $18.50 billion of fixed-rate senior unsecured notes (the Notes), respectively. The following table summarizes the Notes and the carrying amount of our debt (in millions, except percentages):


	Maturity	Stated Interest Rate	Effective Interest Rate	September 30, 2024		December 31, 2023
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		—
Total face amount of long-term debt				29,000		18,500
Unamortized discount and issuance costs, net				(177)		(115)
Long-term debt				$	28,823	$	18,385

Each series of the Notes in the table above rank 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 $200 million and $440 million for the three and nine months ended September 30, 2024, respectively, and $132 million and $291 million for the three and nine months ended September 30, 2023, respectively.

The total estimated fair value of our outstanding Notes was $29.53 billion and $18.48 billion as of September 30, 2024 and December 31, 2023, respectively. The fair value was determined based on the quoted prices for the Notes as of September 30, 2024 and December 31, 2023, respectively, and is categorized accordingly as Level 2 in the fair value hierarchy.

As of September 30, 2024, future principal payments for the Notes, by year, are as follows (in millions):


Remainder of 2024 through 2026	$	—
2027	2,750
2028	1,500
2029	1,000
Thereafter	23,750
Total outstanding Notes	$	29,000