|
Debt,"DEBT<div style=""margin-top:5pt;text-indent:24.75pt""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">As of December 31, 2023, we had $66.5 billion of unsecured senior notes outstanding (the “Notes”) and $682 million of borrowings under our secured revolving credit facility. Our total long-term debt obligations are as follows (in millions):</span></div><div style=""margin-top:5pt""><table style=""border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%""><tr><td style=""width:1.0%""></td><td style=""width:31.648%""></td><td style=""width:0.1%""></td><td style=""width:1.0%""></td><td style=""width:9.426%""></td><td style=""width:0.1%""></td><td style=""width:0.1%""></td><td style=""width:0.384%""></td><td style=""width:0.1%""></td><td style=""width:1.0%""></td><td style=""width:12.496%""></td><td style=""width:0.1%""></td><td style=""width:0.1%""></td><td style=""width:0.384%""></td><td style=""width:0.1%""></td><td style=""width:1.0%""></td><td style=""width:11.911%""></td><td style=""width:0.1%""></td><td style=""width:0.1%""></td><td style=""width:0.530%""></td><td style=""width:0.1%""></td><td style=""width:1.0%""></td><td style=""width:12.788%""></td><td style=""width:0.1%""></td><td style=""width:0.1%""></td><td style=""width:0.384%""></td><td style=""width:0.1%""></td><td style=""width:1.0%""></td><td style=""width:12.649%""></td><td style=""width:0.1%""></td></tr><tr><td colspan=""3"" style=""padding:0 1pt""></td><td colspan=""3"" style=""padding:2px 1pt;text-align:center;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%"">Maturities (1)</span></td><td colspan=""3"" style=""padding:0 1pt""></td><td colspan=""3"" style=""padding:2px 1pt;text-align:center;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%"">Stated Interest Rates</span></td><td colspan=""3"" style=""padding:0 1pt""></td><td colspan=""3"" style=""padding:2px 1pt;text-align:center;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%"">Effective Interest Rates</span></td><td colspan=""3"" style=""padding:0 1pt""></td><td colspan=""3"" style=""padding:2px 1pt;text-align:center;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%"">December 31, 2022</span></td><td colspan=""3"" style=""padding:0 1pt""></td><td colspan=""3"" style=""padding:2px 1pt;text-align:center;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%"">December 31, 2023</span></td></tr><tr><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top""><div><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2014 Notes issuance of $6.0 billion</span></div></td><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2024 - 2044</span></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom""><div style=""text-align:center""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">3.80% - 4.95%</span></div></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom""><div style=""text-align:center""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">3.90% - 5.12%</span></div></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">4,000 </span></td><td style=""background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">4,000 </span></td><td style=""background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top""><div><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2017 Notes issuance of $17.0 billion</span></div></td><td colspan=""3"" style=""background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2024 - 2057</span></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom""><div style=""text-align:center""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2.80% - 5.20%</span></div></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom""><div style=""text-align:center""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2.95% - 4.33%</span></div></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">16,000 </span></td><td style=""background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">15,000 </span></td><td style=""background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top""><div><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2020 Notes issuance of $10.0 billion</span></div></td><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2025 - 2060</span></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom""><div style=""text-align:center""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">0.80% - 2.70%</span></div></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom""><div style=""text-align:center""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">0.88% - 2.77%</span></div></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">10,000 </span></td><td style=""background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">9,000 </span></td><td style=""background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top""><div><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2021 Notes issuance of $18.5 billion</span></div></td><td colspan=""3"" style=""background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2024 - 2061</span></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom""><div style=""text-align:center""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">0.45% - 3.25%</span></div></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom""><div style=""text-align:center""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">0.57% - 3.31%</span></div></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">18,500 </span></td><td style=""background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">17,500 </span></td><td style=""background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top""><div><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">April 2022 Notes issuance of $12.8 billion</span></div></td><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"">2024 - 2062</span></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom""><div style=""text-align:center""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2.73% - 4.10%</span></div></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom""><div style=""text-align:center""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2.83% - 4.15%</span></div></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">12,750 </span></td><td style=""background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">12,750 </span></td><td style=""background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top""><div><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">December 2022 Notes issuance of $8.3 billion</span></div></td><td colspan=""3"" style=""background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"">2024 - 2032</span></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom""><div style=""text-align:center""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">4.55% - 4.70%</span></div></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom""><div style=""text-align:center""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">4.61% - 4.83%</span></div></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">8,250 </span></td><td style=""background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">8,250 </span></td><td style=""background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">Credit Facility</span></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">1,042 </span></td><td style=""background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">682 </span></td><td style=""background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""display:none""></td><td colspan=""3"" style=""display:none""></td><td colspan=""3"" style=""display:none""></td><td colspan=""3"" style=""display:none""></td><td colspan=""3"" style=""display:none""></td><td colspan=""3"" style=""display:none""></td><td colspan=""3"" style=""display:none""></td><td colspan=""3"" style=""display:none""></td><td colspan=""3"" style=""display:none""></td><td colspan=""3"" style=""display:none""></td></tr><tr><td colspan=""3"" style=""background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">Total face value of long-term debt</span></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">70,542 </span></td><td style=""background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#ffffff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">67,182 </span></td><td style=""background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">Unamortized discount and issuance costs, net</span></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">(393)</span></td><td style=""background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">(374)</span></td><td style=""background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">Less: current portion of long-term debt</span></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">(2,999)</span></td><td style=""background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td><td colspan=""3"" style=""background-color:#ffffff;padding:0 1pt""></td><td colspan=""2"" style=""background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">(8,494)</span></td><td style=""background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">Long-term debt</span></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td style=""background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">$</span></td><td style=""background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">67,150 </span></td><td style=""background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td><td colspan=""3"" style=""background-color:#cceeff;padding:0 1pt""></td><td style=""background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">$</span></td><td style=""background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">58,314 </span></td><td style=""background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr></table></div><div><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">___________________</span></div><div style=""padding-left:18pt;text-indent:-18pt""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">(1)</span><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.34pt"">The weighted-average remaining lives of the 2014, 2017, 2020, 2021, April 2022, and December 2022 Notes were 11.6, 14.1, 17.5, 13.1, 12.3, and 4.9 years as of December 31, 2023. The combined weighted-average remaining life of the Notes was 12.7 years as of December 31, 2023.</span></div><div style=""margin-top:5pt;text-indent:24.75pt""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">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 $61.4 billion and $60.6 billion as of December 31, 2022 and 2023, which is based on quoted prices for our debt as of those dates. </span></div><div style=""margin-top:5pt;text-indent:24.75pt""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">We have a $1.5 billion 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 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 $1.0 billion and $682 million of borrowings outstanding under the Credit Facility as of December 31, 2022 and 2023, which had an interest rate of 5.6% and 6.6%, respectively. As of December 31, 2022 and 2023, we have pledged $1.2 billion and $806 million of our cash and seller receivables as collateral for debt related to our Credit Facility. The estimated fair value of the Credit Facility, which is based on Level 2 inputs, approximated its carrying value as of December 31, 2022 and 2023.</span></div><div style=""margin-top:5pt;text-indent:24.75pt""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">As of December 31, 2023, future principal payments for our total long-term debt were as follows (in millions):</span></div><div style=""margin-bottom:1pt""><table style=""border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%""><tr><td style=""width:1.0%""></td><td style=""width:80.571%""></td><td style=""width:0.1%""></td><td style=""width:1.0%""></td><td style=""width:17.229%""></td><td style=""width:0.1%""></td></tr><tr><td colspan=""6"" style=""background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">Year Ended December 31,</span></td></tr><tr><td colspan=""3"" style=""padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2024</span></td><td style=""padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">$</span></td><td style=""padding:2px 0;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">8,500 </span></td><td style=""padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2025</span></td><td colspan=""2"" style=""background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">5,286 </span></td><td style=""background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2026</span></td><td colspan=""2"" style=""padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">3,146 </span></td><td style=""padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2027</span></td><td colspan=""2"" style=""background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">8,750 </span></td><td style=""background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2028</span></td><td colspan=""2"" style=""padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">2,250 </span></td><td style=""padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""background-color:#cceeff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:top""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">Thereafter</span></td><td colspan=""2"" style=""background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">39,250 </span></td><td style=""background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr><tr><td colspan=""3"" style=""padding:0 1pt""></td><td style=""border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">$</span></td><td style=""border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">67,182 </span></td><td style=""border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom""></td></tr></table></div><div style=""margin-top:5pt;text-indent:24.75pt""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">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 has been repaid.</span></div><div style=""margin-top:5pt;text-indent:24.75pt""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">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 $6.8 billion of </span></div><div style=""margin-top:5pt""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">borrowings outstanding under the Commercial Paper Programs as of December 31, 2022, 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 4.5%. There were no borrowings outstanding under the Commercial Paper Programs as of December 31, 2023. We use the net proceeds from the issuance of commercial paper for general corporate purposes.</span></div><div style=""margin-top:5pt;text-indent:24.75pt""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">In November 2023, we entered into a $15.0 billion unsecured revolving credit facility with a syndicate of lenders (the “Credit Agreement”), which replaced the prior amended and restated credit agreement entered into in March 2022. The Credit Agreement has 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 or the prior amended and restated credit agreement as of December 31, 2022 and 2023.</span></div><div style=""margin-top:5pt;text-indent:24.75pt""><span style=""color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"">In November 2023, we also entered into a $5.0 billion unsecured 364-day revolving credit facility with a syndicate of lenders (the “Short-Term Credit Agreement”), which replaced the prior 364-day revolving credit agreement entered into in November 2022. The Short-Term Credit Agreement 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 or the prior 364-day revolving credit agreement as of December 31, 2022 and 2023. </span></div>We also utilize other short-term credit facilities for working capital purposes. There were $1.2 billion and $147 million of borrowings outstanding under these facilities as of December 31, 2022 and 2023, which were included in “Accrued expenses and other” on our consolidated balance sheets. In addition, we had $6.8 billion of unused letters of credit as of December 31, 2023.",us-gaap_DebtDisclosureTextBlock,1,False |
