Company: GOOGL
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001652044-25-000091
Chunk: 115

Company: Alphabet Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 115
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 certain default scenarios over remaining agreement periods of up to 10 years, to either pay a termination fee or assume the lease. As of September 30, 2025, the maximum exposure to loss is $6.5 billion. See Note 3 for further details on derivatives.

Note 6.    Debt

Short-Term DebtWe have a short-term debt financing program of up to $25.0 billion through the issuance of commercial paper. Net proceeds from this program are used for general corporate purposes. We had $2.3 billion and $3.0 billion of commercial paper outstanding as of December 31, 2024 and September 30, 2025, respectively, with a weighted-average effective interest rate of 4.4% and 4.1%, respectively. The estimated fair value of the commercial paper approximated its carrying value as of December 31, 2024 and September 30, 2025.Our short-term debt balance also includes the current portion of certain long-term debt.Long-Term DebtIn May 2025, we issued $5.0 billion of U.S. dollar-denominated fixed-rate senior unsecured notes in four tranches: $750 million of 4.00% notes due 2030, $1.25 billion of 4.50% notes due 2035, $1.5 billion of 5.25% notes due 2055, and $1.5 billion of 5.30% notes due 2065. Additionally in May 2025, we issued €6.75 billion of euro-denominated fixed-rate senior unsecured notes in five tranches: €1.5 billion of 2.50% notes due 2029, €1.5 billion of 3.00% notes due 2033, €1.25 billion of 3.38% notes due 2037, €1.25 billion of 3.88% notes due 2045, and €1.25 billion of 4.00% notes due 2054. The net proceeds from all notes issued in May 2025 are used for general corporate purposes.

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 Total outstanding long-term debt is summarized below (in millions, except percentages):MaturityCoupon RateEffective Interest RateAs of December 31, 2024As ofSeptember 30, 2025Debt2016 U