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DEBT AND CREDIT FACILITIES

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

DEBT AND CREDIT FACILITIES

DEBT AND CREDIT FACILITIES

The following table summarizes the carrying amount of our borrowings under various financing arrangements:

(in millions)																								Carrying Amount
Type of Borrowing						Issue Date						Maturity Date						Interest Rate						March 31, 2021						December 31, 2020
Senior Unsecured						March 2011						April 2021						4.50%						$	—					$	1,000
Senior Unsecured						September 2020						September 2021						3-month LIBOR + 0.15%						500						499
Senior Unsecured						December 2011						December 2021						4.40%						1,249						1,249
Senior Unsecured						September 2016						March 2022						1.95%						499						499
Senior Unsecured						September 2015						September 2022						3.25%						999						998
Senior Unsecured						September 2016						September 2023						2.50%						748						748
Senior Unsecured						September 2020						September 2023						3-month LIBOR + 0.52%						498						498
Senior Unsecured						September 2020						September 2023						0.75%						1,993						1,992
Term Loan						October 2020						October 2023						variable						748						998
Senior Unsecured						March 2014						April 2024						3.70%						1,746						1,746
Senior Unsecured						November 2014						February 2025						3.50%						1,747						1,746
Senior Unsecured						September 2015						March 2026						3.65%						2,737						2,737
Senior Unsecured						September 2016						March 2027						2.95%						1,246						1,246
Senior Unsecured						September 2020						October 2027						1.20%						746						745
Senior Unsecured						September 2020						October 2030						1.65%						992						992
Senior Unsecured						September 2015						September 2035						4.60%						992						991
Senior Unsecured						September 2016						September 2036						4.00%						742						741
Senior Unsecured						September 2020						October 2040						2.60%						986						986
Senior Unsecured						December 2011						December 2041						5.65%						996						996
Senior Unsecured						March 2014						April 2044						4.80%						1,735						1,735
Senior Unsecured						November 2014						February 2045						4.50%						1,732						1,732
Senior Unsecured						September 2015						March 2046						4.75%						2,219						2,219
Senior Unsecured						September 2016						March 2047						4.15%						1,726						1,726
Senior Unsecured						September 2020						October 2050						2.80%						1,476						1,476
Total senior unsecured notes and term loan facility																								29,052						30,295
Liability related to future royalties																								1,114						1,107
Total debt, net																								30,166						31,402
Less: current portion of long-term debt and other obligations, net																								2,259						2,757
Total long-term debt, net																								$	27,907					$	28,645

Debt

During the three months ended March 31, 2021, we repaid $1.25 billion of debt. In January 2021, we repaid $1.0 billion of senior unsecured notes prior to the April 2021 maturity, by exercising a 3-month par call. In March 2021, we repaid $250 million principal amount under our three-year $1.0 billion senior unsecured term loan facility, leaving $750 million principal amount outstanding as of March 31, 2021. No new debt was issued during the three months ended March 31, 2021. We are required to comply with certain covenants under our note indentures governing our senior unsecured notes. As of March 31, 2021, we were in compliance with all covenants.

Credit Facility

As of March 31, 2021 and December 31, 2020, there were no amounts outstanding under our $2.5 billion revolving credit facility maturing in June 2025, and we were in compliance with all covenants.

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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

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