Commercial paper, term (will not exceed)

[Table of](#i7d20a63dbc7f4057897188cf4f4b9871_7) [Contents](#i7d20a63dbc7f4057897188cf4f4b9871_7)The outcomes of our legal proceedings and other contingencies are inherently unpredictable, subject to significant uncertainties, and could be material to our operating results and cash flows for a particular period. We evaluate, on a regular basis, developments in our legal proceedings and other contingencies that could affect the amount of liability, including amounts in excess of any previous accruals and reasonably possible losses disclosed, and make adjustments and changes to our accruals and disclosures as appropriate. For the matters we disclose that do not include an estimate of the amount of loss or range of losses, such an estimate is not possible or is immaterial, and we may be unable to estimate the possible loss or range of losses that could potentially result from the application of non-monetary remedies. Until the final resolution of such matters, if any of our estimates and assumptions change or prove to have been incorrect, we may experience losses in excess of the amounts recorded, which could have a material effect on our business, consolidated financial position, results of operations, or cash flows.See also “Note 7 — Income Taxes.”Note 5 — DEBT As of June 30, 2022, we had $62.5 billion of unsecured senior notes outstanding (the “Notes”), including $12.8 billion issued in April 2022 for general corporate purposes, and $935 million of borrowings under our credit facility. Our total long-term debt obligations are as follows (in millions):

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|  | Maturities (1) |  | Stated Interest Rates |  | Effective Interest Rates |  | December 31, 2021 |  | June 30, 2022 |
| 2012 Notes issuance of $3.0 billion | 2022 |  | 2.50% |  | 2.66% |  | 1,250  |  |  | 1,250  |  |
| 2014 Notes issuance of $6.0 billion | 2024 - 2044 |  | 3.80% - 4.95% |  | 3.90% - 5.11% |  | 4,000  |  |  | 4,000  |  |
| 2017 Notes issuance of $17.0 billion | 2023 - 2057 |  | 2.40% - 5.20% |  | 2.56% - 4.33% |  | 16,000  |  |  | 16,000  |  |
| 2020 Notes issuance of $10.0 billion | 2023 - 2060 |  | 0.40% - 2.70% |  | 0.56% - 2.77% |  | 10,000  |  |  | 10,000  |  |
| 2021 Notes issuance of $18.5 billion | 2023 - 2061 |  | 0.25% - 3.25% |  | 0.35% - 3.31% |  | 18,500  |  |  | 18,500  |  |
| 2022 Notes Issuance of $12.8 billion | 2024 - 2062 |  | 2.73% - 4.10% |  | 2.83% - 4.15% |  | —  |  |  | 12,750  |  |
| Credit Facility |  |  |  |  |  |  | 803  |  |  | 935  |  |
|  |  |  |  |  |  |  |  |  |  |
| Total face value of long-term debt |  |  |  |  |  |  | 50,553  |  |  | 63,435  |  |
| Unamortized discount and issuance costs, net |  |  |  |  |  |  | (318) |  |  | (384) |  |
| Less: current portion of long-term debt |  |  |  |  |  |  | (1,491) |  |  | (4,998) |  |
| Long-term debt |  |  |  |  |  |  | $ | 48,744  |  |  | $ | 58,053  |  |

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_(1) The weighted-average remaining lives of the 2012, 2014, 2017, 2020, 2021, and 2022 Notes were 0.4, 13.1, 14.7, 17.2, 13.8, and 13.8 years as of June 30, 2022. The combined weighted-average remaining life of the Notes was 14.3 years as of June 30, 2022.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 $53.3 billion and $57.1 billion as of December 31, 2021 and June 30, 2022, which is based on quoted prices for our debt as of those dates.We have a $1.0 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 October 2022, bears interest at the London interbank offered rate (“LIBOR”) plus 1.40%, and has a commitment fee of 0.50% on the undrawn portion. There were $803 million and $935 million of borrowings outstanding under the Credit Facility as of December 31, 2021 and June 30, 2022, which had a weighted-average interest rate of 2.7%. As of December 31, 2021 and June 30, 2022, we have pledged $918 million and $1.1 billion 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, 2021 and June 30, 2022.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. In March 2022, we increased the size of the Commercial Paper Programs from $10.0 billion to $20.0 billion. There were $725 million and $8.2 billion of borrowings outstanding under the Commercial Paper Programs as of December 31, 2021 and June 30, 2022, which were included in “Accrued expenses and other” on our consolidated balance sheets and had a weighted-average effective 15
