Long-term Debt

3 Months Ended

Mar. 31, 2023

In August 2022, we issued $10.0 billion of fixed-rate senior unsecured notes (the "Notes"). The following table summarizes the Notes and the carrying amount of our debt (in millions, except percentages):


	Maturity	Stated Interest Rate	Effective Interest Rate	March 31, 2023		December 31, 2022
2027 Notes	2027	3.50%	3.63%	$	2,750	$	2,750
2032 Notes	2032	3.85%	3.92%	3,000		3,000
2052 Notes	2052	4.45%	4.51%	2,750		2,750
2062 Notes	2062	4.65%	4.71%	1,500		1,500
Total face amount of long-term debt				10,000		10,000
Unamortized discount and issuance costs, net				(75)		(77)
Long-term debt				$	9,925	$	9,923

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. For the three months ended March 31, 2023, interest expense, net of capitalized interest, recognized on the debt was $49 million.

The total estimated fair value of our outstanding debt was $9.19 billion as of March 31, 2023. The fair value was determined based on the closing trading price per $100 of the Notes as of March 31, 2023 and is categorized accordingly as Level 2 in the fair value hierarchy.

As of March 31, 2023, future principal payments for the Notes, by year, are as follows (in millions):


Remainder of 2023 through 2026	$	—
2027	2,750
Thereafter	7,250
Total outstanding debt	$	10,000