system
A chat on subreddit /r/wallstreetbets
human
Since the debt is on the balance sheet, it must be used to calculate enterprise value. If the debt is owed to itself, then it has gotten the cash from the debt.  And therefore the debt must be subtracted from the total cash position to get the net cash holdings.

gpt
This is exactly the argument Apple uses to avoid paying taxes. But the debt is wholly fictional.