In May 2026, we issued an aggregate of $25.00 billion of fixed-rate senior unsecured notes in six series. The following table summarizes our fixed-senior unsecured notes (the Notes) and the carrying amount of our long-term debt (in millions, except percentages):


	Maturity	Stated Interest Rate	Effective Interest Rate	June 30, 2026		December 31, 2025
August 2022 Notes	2027 - 2062	3.50% - 4.65%	3.63% - 4.71%	$	10,000	$	10,000
May 2023 Notes	2028 - 2063	4.60% - 5.75%	4.68% - 5.79%	8,500		8,500
August 2024 Notes	2029 - 2064	4.30% - 5.55%	4.42% - 5.60%	10,500		10,500
November 2025 Notes	2030 - 2065	4.20% - 5.75%	4.27% - 5.77%	30,000		30,000
May 2026 Notes	2031 - 2066	4.55% - 6.45%	4.60% - 6.48%	25,000		—
Total face amount of long-term debt				84,000		59,000
Unamortized discount and issuance costs, net				(336)		(256)
Long-term debt				$	83,664	$	58,744

Each series of the Notes ranks 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. Interest expense, net of capitalized interest, recognized on the Notes was $754 million and $1.29 billion for the three and six months ended June 30, 2026, respectively, and $232 million and $463 million for the three and six months ended June 30, 2025, respectively.

The total estimated fair value of our outstanding Notes was $79.75 billion and $57.22 billion as of June 30, 2026 and December 31, 2025, respectively. The fair value was determined based on the quoted prices at the end of the reporting periods and categorized as Level 2 in the fair value hierarchy.