LONG-TERM DEBT

In November 2012 and December 2014, we issued $3.0 billion and $6.0 billion of unsecured senior notes, of which $8.3 billion is outstanding, as described in the table below (collectively, the “Notes”). As of December 31, 2016, and March 31, 2017, the unamortized discount on the Notes was $90 million and $88 million. We also have other long-term debt with a carrying amount, including the current portion and borrowings under our credit facility, of $588 million and $577 million as of December 31, 2016, and March 31, 2017. The face value of our total long-term debt obligations is as follows (in millions):



	December 31, 2016			March 31, 2017
1.20% Notes due on November 29, 2017 (1)	$	1,000		$	1,000
2.60% Notes due on December 5, 2019 (2)	1,000			1,000
3.30% Notes due on December 5, 2021 (2)	1,000			1,000
2.50% Notes due on November 29, 2022 (1)	1,250			1,250
3.80% Notes due on December 5, 2024 (2)	1,250			1,250
4.80% Notes due on December 5, 2034 (2)	1,250			1,250
4.95% Notes due on December 5, 2044 (2)	1,500			1,500
Credit Facility	495			500
Other long-term debt	93			77
Total debt	8,838			8,827
Less current portion of long-term debt	(1,056		)	(1,049		)
Face value of long-term debt	$	7,782		$	7,778

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(1)	Issued in November 2012, effective interest rates of the 2017 and 2022 Notes were 1.38% and 2.66%.


(2)	Issued in December 2014, effective interest rates of the 2019, 2021, 2024, 2034, and 2044 Notes were 2.73%, 3.43%, 3.90%, 4.92%, and 5.11%.

Interest on the Notes issued in 2012 is payable semi-annually in arrears in May and November. Interest on the Notes issued in 2014 is payable semi-annually in arrears in June and December. 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 proceeds from the Notes are used for general corporate purposes. The estimated fair value of the Notes was approximately $8.7 billion as of December 31, 2016, and March 31, 2017, which is based on quoted prices for our publicly-traded debt as of those dates.

In October 2016, we entered into a $500 million secured revolving credit facility (“Credit Facility”) with a lender that is secured by certain seller receivables. The Credit Facility is available for a term of three years, bears interest at the London interbank offered rate (“LIBOR”) plus 1.65%, and has a commitment fee of 0.50% on the undrawn portion. There were $495 million and $500 million of borrowings outstanding under the Credit Facility as of December 31, 2016, and March 31, 2017, with weighted-average interest rates of 2.3% and 2.4% as of December 31, 2016, and March 31, 2017. As of December 31, 2016, and March 31, 2017, we have pledged $579 million and $588 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, 2016, and March 31, 2017.

The other debt, including the current portion, had a weighted-average interest rate of 3.4% and 2.9% as of December 31, 2016, and March 31, 2017. We used the net proceeds from the issuance of this debt primarily to fund certain international operations. The estimated fair value of the other long-term debt, which is based on Level 2 inputs, approximated its carrying value as of December 31, 2016, and March 31, 2017.

In May 2016, we entered into an unsecured revolving credit facility (the “Credit Agreement”) with a syndicate of lenders that provides us with a borrowing capacity of up to $3.0 billion. The Credit Agreement has a term of three years, but it may be extended for up to three additional one-year terms if approved by the lenders. The initial interest rate applicable to outstanding balances under the Credit Agreement is LIBOR plus 0.60%, with a commitment fee of 0.05% on the undrawn portion of the credit facility, under our current credit ratings. If our credit ratings are downgraded these rates could increase to as much as LIBOR plus 1.00% and 0.09%, respectively. There were no borrowings outstanding under the credit agreements as of December 31, 2016, and March 31, 2017.