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Debt and Credit Facilities | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Debt and Credit Facility | DEBT AND CREDIT FACILITIES The following table summarizes the carrying amount of our borrowings under various financing arrangements (in millions):
|  |  |  |  |  |  |  | December 31,
Type of Borrowing |  | Issue Date |  | Due Date |  | Interest Rate |  | 2019 |  | 2018
Senior Unsecured |  | September 2017 |  | March 2019 |  | 3-month LIBOR + 0.22% |  | $ | — |  |  | $ | 750 |
Senior Unsecured |  | March 2014 |  | April 2019 |  | 2.05% |  | — |  |  | 500 |
Senior Unsecured |  | September 2017 |  | September 2019 |  | 1.85% |  | — |  |  | 999 |
Senior Unsecured |  | September 2017 |  | September 2019 |  | 3-month LIBOR + 0.25% |  | — |  |  | 499 |
Senior Unsecured |  | November 2014 |  | February 2020 |  | 2.35% |  | 500 |  |  | 499 |
Senior Unsecured |  | September 2015 |  | September 2020 |  | 2.55% |  | 1,999 |  |  | 1,996 |
Senior Unsecured |  | March 2011 |  | April 2021 |  | 4.50% |  | 998 |  |  | 997 |
Senior Unsecured |  | December 2011 |  | December 2021 |  | 4.40% |  | 1,248 |  |  | 1,247 |
Senior Unsecured |  | September 2016 |  | March 2022 |  | 1.95% |  | 499 |  |  | 498 |
Senior Unsecured |  | September 2015 |  | September 2022 |  | 3.25% |  | 998 |  |  | 997 |
Senior Unsecured |  | September 2016 |  | September 2023 |  | 2.50% |  | 747 |  |  | 746 |
Senior Unsecured |  | March 2014 |  | April 2024 |  | 3.70% |  | 1,745 |  |  | 1,744 |
Senior Unsecured |  | November 2014 |  | February 2025 |  | 3.50% |  | 1,746 |  |  | 1,745 |
Senior Unsecured |  | September 2015 |  | March 2026 |  | 3.65% |  | 2,734 |  |  | 2,731 |
Senior Unsecured |  | September 2016 |  | March 2027 |  | 2.95% |  | 1,245 |  |  | 1,245 |
Senior Unsecured |  | September 2015 |  | September 2035 |  | 4.60% |  | 991 |  |  | 990 |
Senior Unsecured |  | September 2016 |  | September 2036 |  | 4.00% |  | 741 |  |  | 740 |
Senior Unsecured |  | December 2011 |  | December 2041 |  | 5.65% |  | 995 |  |  | 995 |
Senior Unsecured |  | March 2014 |  | April 2044 |  | 4.80% |  | 1,734 |  |  | 1,734 |
Senior Unsecured |  | November 2014 |  | February 2045 |  | 4.50% |  | 1,731 |  |  | 1,730 |
Senior Unsecured |  | September 2015 |  | March 2046 |  | 4.75% |  | 2,217 |  |  | 2,216 |
Senior Unsecured |  | September 2016 |  | March 2047 |  | 4.15% |  | 1,725 |  |  | 1,724 |
Total debt, net |  | 24,593 |  |  | 27,322 |
Less current portion |  | 2,499 |  |  | 2,748 |
Total long-term debt, net |  | $ | 22,094 |  |  | $ | 24,574 |
Senior Unsecured Notes We did not enter into any borrowings in 2019 or 2018. In 2017, in connection with our acquisition of Kite, we issued $3.0 billion aggregate principal amount of senior unsecured notes, of which $750 million of principal balance was repaid at maturity in 2018 and the remaining $2.25 billion was repaid at maturity in 2019. We collectively refer to our senior unsecured notes issued in September 2016 (the 2016 Notes), in September 2015 (the 2015 Notes), in March and November 2014 (the 2014 Notes) and in March and December 2011 (the 2011 Notes) as our Senior Notes. In 2019 and 2018, we repaid at maturity $500 million and $1.0 billion of principal balance related to the 2014 Notes and 2015 Notes, respectively. In February 2020, we repaid at maturity $500 million of principal balance related to the 2014 Notes. Our Senior Notes may be redeemed at our option at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) the sum, as determined by an independent investment banker, of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis at the Treasury Rate, plus a make-whole premium as defined in the indenture. Our Senior Notes maturing after 2020 also have a call feature, exercisable at our option, to redeem the notes at par in whole or in part one to six months immediately preceding maturity. In each case, accrued and unpaid interest is also required to be redeemed to the date of redemption. In the event of the occurrence of a change in control and a downgrade in the rating of our Senior Notes below investment grade by Moody’s Investors Service, Inc. and S&P Global Ratings, the holders may require us to purchase all or a portion of their notes at a price equal to 101% of the aggregate principal amount of the notes repurchased, plus accrued and unpaid interest to the date of repurchase. We are required to comply with certain covenants under our Senior Notes and as of December 31, 2019 and 2018, we were not in violation of any covenants. Interest expense on our Senior Notes related to the contractual coupon rates and amortization of the debt discount and issuance costs was $1.0 billion, $1.1 billion and $1.0 billion in 2019, 2018 and 2017, respectively. Credit Facilities In 2017, in connection with our acquisition of Kite, we borrowed $6.0 billion against our term loan credit facility, of which $1.5 billion was repaid in 2017 and the remaining $4.5 billion was repaid in 2018. The term loan credit facility agreement was terminated in 2018. In 2016, we entered into a $2.5 billion five-year revolving credit facility agreement maturing in May 2021 (the Five-Year Revolving Credit Agreement). The revolving credit facility can be used for working capital requirements and for general corporate purposes, including, without limitation, acquisitions. As of December 31, 2019 and 2018, there were no amounts outstanding under the Five-Year Revolving Credit Agreement. The Five-Year Revolving Credit Agreement contains customary representations, warranties, affirmative and negative covenants and events of default. At December 31, 2019, we were not in violation of any covenants. Loans under the Five-Year Revolving Credit Agreement bear interest at either (i) the Eurodollar Rate plus the Applicable Percentage, or (ii) the Base Rate plus the Applicable Percentage, each as defined in the Five-Year Revolving Credit Agreement. We may terminate or reduce the commitments and may prepay any loans under the Five-Year Revolving Credit Agreement in whole or in part at any time without premium or penalty. Contractual Maturities of Financing Obligations As of December 31, 2019, the aggregate future principal maturities of financing obligations for each of the next five years, based on contractual due dates, are as follows (in millions):
|  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024
Contractual Maturities |  | $ | 2,500 |  |  | $ | 2,250 |  |  | $ | 1,500 |  |  | $ | 750 |  |  | $ | 1,750 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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