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DEBT AND CREDIT FACILITIES | 9 Months Ended
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Sep. 30, 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 |  | September 30, 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% |  | — |  |  | 499 |
Senior Unsecured |  | December 2011 |  | December 2021 |  | 4.40% |  | — |  |  | 1,249 |
Senior Unsecured |  | September 2016 |  | March 2022 |  | 1.95% |  | 500 |  |  | 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% |  | 499 |  |  | 498 |
Senior Unsecured |  | September 2020 |  | September 2023 |  | 0.75% |  | 1,994 |  |  | 1,992 |
Term Loan |  | October 2020 |  | October 2023 |  | variable |  | — |  |  | 998 |
Senior Unsecured |  | March 2014 |  | April 2024 |  | 3.70% |  | 1,747 |  |  | 1,746 |
Senior Unsecured |  | November 2014 |  | February 2025 |  | 3.50% |  | 1,747 |  |  | 1,746 |
Senior Unsecured |  | September 2015 |  | March 2026 |  | 3.65% |  | 2,738 |  |  | 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% |  | 987 |  |  | 986 |
Senior Unsecured |  | December 2011 |  | December 2041 |  | 5.65% |  | 996 |  |  | 996 |
Senior Unsecured |  | March 2014 |  | April 2044 |  | 4.80% |  | 1,736 |  |  | 1,735 |
Senior Unsecured |  | November 2014 |  | February 2045 |  | 4.50% |  | 1,733 |  |  | 1,732 |
Senior Unsecured |  | September 2015 |  | March 2046 |  | 4.75% |  | 2,220 |  |  | 2,219 |
Senior Unsecured |  | September 2016 |  | March 2047 |  | 4.15% |  | 1,727 |  |  | 1,726 |
Senior Unsecured |  | September 2020 |  | October 2050 |  | 2.80% |  | 1,476 |  |  | 1,476 |
Total senior unsecured notes and term loan facility |  | 26,565 |  |  | 30,295 |
Liability related to future royalties |  | 1,121 |  |  | 1,107 |
Total debt, net |  | 27,686 |  |  | 31,402 |
Less: current portion of long-term debt and other obligations, net |  | 2,511 |  |  | 2,757 |
Total long-term debt, net |  | $ | 25,175 |  |  | $ | 28,645 |
Debt During the nine months ended September 30, 2021, we repaid $3.75 billion of debt. We repaid $1.0 billion of senior unsecured notes due April 2021 in the first quarter of 2021 and $1.25 billion of senior unsecured notes due December 2021 in the third quarter of 2021. Additionally, we repaid $1.0 billion principal amount outstanding under our three-year $1.0 billion senior unsecured term loan facility due October 2023 and $500 million of our senior unsecured floating rate notes due September 2021 upon maturity. In October 2021, we exercised our option to call $500 million of our floating rate senior unsecured notes and $500 million of our 0.75% senior unsecured notes, both having a final maturity of September 2023. The notes will be repaid in November 2021. No new debt was issued during the three and nine months ended September 30, 2021. We are required to comply with certain covenants under our note indentures governing our senior unsecured notes. As of September 30, 2021, we were in compliance with all covenants. Credit Facility As of September 30, 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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