| Schedule of Outstanding Principal and Carrying Value |
The following table presents the outstanding principal amount and carrying value of debt and other financing: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | December 31, 2023 | | Debt Instrument | | Principal Amount | | Unamortized Debt Discount | | Net Carrying Amount | | Principal Amount | | Unamortized Debt Discount | | Net Carrying Amount | | | | | | | | | | | | | | | | (in millions) | | Revolving Credit Facility | | | | | | $ | — | | | | | | | $ | — | | | 2024 Notes | | $ | 117 | | | $ | — | | | 117 | | | $ | 117 | | | $ | — | | | 117 | | | 2025 Notes | | 754 | | | (3) | | | 751 | | | 754 | | | (3) | | | 751 | | | 2026 Notes | | 949 | | | (5) | | | 944 | | | 949 | | | (5) | | | 944 | | | 2027 Notes | | 690 | | | (8) | | | 682 | | | 690 | | | (10) | | | 680 | | | 2028 Notes | | 690 | | | (10) | | | 680 | | | 690 | | | (11) | | | 679 | | | 2025 Accreting Notes | | 38 | | | — | | | 38 | | | 38 | | | — | | | 38 | | | Total Debt | | | | | | $ | 3,212 | | | | | | | $ | 3,209 | | Short-term debt (1) | | | | | | 117 | | | | | | | 117 | | | Long-term debt | | | | | | $ | 3,095 | | | | | | | $ | 3,092 | |
(1) Short-term debt consists of the 2024 Notes and is presented within other current liabilities in the condensed consolidated balance sheets.
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| Schedule of Convertible Notes |
The following table summarizes certain terms related to the Company’s current outstanding non-accreting convertible notes (collectively, the “Non-Accreting Notes” and together with the 2025 Accreting Notes, the “Notes”): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Convertible Non-Accreting Notes | | Maturity Date | | Annual Coupon Rate | | Annual Effective Interest Rate | | Payment Dates for Semi-Annual Interest Payments in Arrears | | 2024 Notes | | November 1, 2024 | | 1.125% | | 1.5% | | May 1 and November 1 | | 2025 Notes | | October 1, 2025 | | 0.625% | | 0.9% | | April 1 and October 1 | | 2026 Notes | | August 15, 2026 | | 1.000% | | 1.2% | | February 15 and August 15 | | 2027 Notes | | September 15, 2027 | | 3.250% | | 3.6% | | March 15 and September 15 | | 2028 Notes | | November 15, 2028 | | 3.500% | | 3.8% | | May 15 and November 15 |
Wayfair's Notes will mature at their maturity date unless earlier purchased, redeemed or converted. The Notes’ initial conversion terms are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Convertible Notes | | Maturity Date | | Free Convertibility Date | | Initial Conversion Rate per $1,000 Principal | | Initial Conversion Price | | Redemption Date | | | | | | | | | | | | | 2024 Notes | | November 1, 2024 | | August 1, 2024 | | 8.5910 | | $116.40 | | May 8, 2022 | | 2025 Notes | | October 1, 2025 | | July 1, 2025 | | 2.3972 | | $417.15 | | October 4, 2022 | | 2026 Notes | | August 15, 2026 | | May 15, 2026 | | 6.7349 | | $148.48 | | August 20, 2023 | | 2027 Notes | | September 15, 2027 | | June 15, 2027 | | 15.7597 | | $63.45 | | September 20, 2025 | | 2028 Notes | | November 15, 2028 | | August 15, 2028 | | 21.8341 | | $45.80 | | May 20, 2026 | | 2025 Accreting Notes | | April 1, 2025 | | - | | 13.7931 | | $72.50 | | May 9, 2023 |
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| Schedule of Initial Terms for Capped Calls |
The initial terms for the Capped Calls are presented below: | | | | | | | | | | | | | | | | | | | | | | Capped Calls | | Maturity Date | | Initial Cap Price | | Cap Price Premium | | 2024 Capped Calls | | November 1, 2024 | | $219.63 | | 150% | | 2025 Capped Calls | | October 1, 2025 | | $787.08 | | 150% | | 2026 Capped Calls | | August 15, 2026 | | $280.15 | | 150% | | 2027 Capped Calls | | September 15, 2027 | | $97.62 | | 100% | | 2028 Capped Calls | | November 15, 2028 | | $73.28 | | 100% |
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