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DEBT AND CREDIT FACILITIES
 9 Months Ended
Sep. 30, 2023
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, 2023December 31, 2022
Senior UnsecuredSeptember 2016September 20232.50%$— $749 
Senior UnsecuredSeptember 2020September 20230.75%— 1,498 
Senior UnsecuredMarch 2014April 20243.70%1,749 1,748 
Senior UnsecuredNovember 2014February 20253.50%1,749 1,748 
Senior UnsecuredSeptember 2015March 20263.65%2,744 2,742 
Senior UnsecuredSeptember 2016March 20272.95%1,248 1,247 
Senior UnsecuredSeptember 2020October 20271.20%747 747 
Senior UnsecuredSeptember 2020October 20301.65%994 993 
Senior Unsecured September 2023October 20335.25%992 — 
Senior UnsecuredSeptember 2015September 20354.60%993 993 
Senior UnsecuredSeptember 2016September 20364.00%743 742 
Senior UnsecuredSeptember 2020October 20402.60%988 988 
Senior UnsecuredDecember 2011December 20415.65%996 996 
Senior UnsecuredMarch 2014April 20444.80%1,737 1,736 
Senior UnsecuredNovember 2014February 20454.50%1,734 1,733 
Senior UnsecuredSeptember 2015March 20464.75%2,222 2,221 
Senior UnsecuredSeptember 2016March 20474.15%1,729 1,728 
Senior UnsecuredSeptember 2020October 20502.80%1,478 1,477 
Senior Unsecured September 2023October 20535.55%988 — 
Total senior unsecured notes 23,830 24,088 
Liability related to future royalties1,152 1,141 
Total debt, net24,982 25,229 
Less: Current portion of long-term debt and other obligations, net1,793 2,273 
Total Long-term debt, net$23,189 $22,957 
Senior Unsecured Notes
In September 2023, we issued $2.0 billion aggregate principal amount of senior unsecured notes in a registered offering consisting of $1.0 billion principal amount of 5.25% senior unsecured notes due October 2033 and $1.0 billion principal amount of 5.55% senior unsecured notes due October 2053. These 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. The senior unsecured fixed rate notes also have a par call feature, exercisable at our option, to redeem the notes at par in whole, or in part, on dates ranging from three to six months prior to maturity. In each case, accrued and unpaid interest is also required to be redeemed to the date of redemption.
In September 2023, we repaid at maturity $2.25 billion of principal balance related to our senior unsecured notes due September 2023.
We are required to comply with certain covenants under our note indentures governing our senior unsecured notes. As of September 30, 2023, we were not in violation of any covenants.
Revolving Credit Facility
As of September 30, 2023 and December 31, 2022, 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.