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DEBT AND CREDIT FACILITIES
 9 Months Ended
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 BorrowingIssue DateMaturity DateInterest RateSeptember 30, 2021December 31, 2020
Senior UnsecuredMarch 2011April 20214.50%$— $1,000 
Senior UnsecuredSeptember 2020September 2021
3-month LIBOR + 0.15%
— 499 
Senior UnsecuredDecember 2011December 20214.40%— 1,249 
Senior UnsecuredSeptember 2016March 20221.95%500 499 
Senior UnsecuredSeptember 2015September 20223.25%999 998 
Senior UnsecuredSeptember 2016September 20232.50%748 748 
Senior UnsecuredSeptember 2020September 2023
3-month LIBOR + 0.52%
499 498 
Senior UnsecuredSeptember 2020September 20230.75%1,994 1,992 
Term LoanOctober 2020October 2023variable— 998 
Senior UnsecuredMarch 2014April 20243.70%1,747 1,746 
Senior UnsecuredNovember 2014February 20253.50%1,747 1,746 
Senior UnsecuredSeptember 2015March 20263.65%2,738 2,737 
Senior UnsecuredSeptember 2016March 20272.95%1,246 1,246 
Senior UnsecuredSeptember 2020October 20271.20%746 745 
Senior UnsecuredSeptember 2020October 20301.65%992 992 
Senior UnsecuredSeptember 2015September 20354.60%992 991 
Senior UnsecuredSeptember 2016September 20364.00%742 741 
Senior UnsecuredSeptember 2020October 20402.60%987 986 
Senior UnsecuredDecember 2011December 20415.65%996 996 
Senior UnsecuredMarch 2014April 20444.80%1,736 1,735 
Senior UnsecuredNovember 2014February 20454.50%1,733 1,732 
Senior UnsecuredSeptember 2015March 20464.75%2,220 2,219 
Senior UnsecuredSeptember 2016March 20474.15%1,727 1,726 
Senior UnsecuredSeptember 2020October 20502.80%1,476 1,476 
Total senior unsecured notes and term loan facility26,565 30,295 
Liability related to future royalties1,121 1,107 
Total debt, net27,686 31,402 
Less: current portion of long-term debt and other obligations, net2,511 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.