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BORROWINGS AND LINES OF CREDIT (Tables) | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | Long-term debt, all of which was issued during the quarter ended March 31, 2020 except for Other long-term debt, consisted of the following:
(dollars in millions) |  |  |  |  |  |  |
Debt Description | Interest Rate |  | Due Date | March 31, 2020 |  | December 31, 2019 |
3-Year Term Loan Credit Facility | 2.195 | % | 1 | February 10, 2023 | $ | 1,750 |  | 2 | $ | — |  |
3-Year Fixed Rate Notes | 1.923 | % |  | February 15, 2023 | 500 |  | 2 | — |  |
5-Year Fixed Rate Notes | 2.242 | % |  | February 15, 2025 | 2,000 |  | 2 | — |  |
7-Year Fixed Rate Notes | 2.493 | % |  | February 15, 2027 | 1,250 |  | 2 | — |  |
10-Year Fixed Rate Notes | 2.722 | % |  | February 15, 2030 | 2,000 |  | 2 | — |  |
20-Year Fixed Rate Notes | 3.377 | % |  | April 05, 2040 | 1,500 |  | 2 | — |  |
30-Year Fixed Rate Notes | 3.577 | % |  | April 05, 2050 | 2,000 |  | 2 | — |  |
Other (including project financing obligations and finance leases) |  |  |  | 326 |  |  | 319 |  |
Total principal long-term debt |  |  |  |  | 11,326 |  |  |  | 319 |  |
Other (discounts and debt issuance costs) |  |  |  |  | (79) |  | 2 | — |  |
Total debt |  |  |  |  | 11,247 |  |  |  | 319 |  |
Less: current portion of long-term debt |  |  |  | 218 |  |  | 237 |  |
Long-term debt, net of current portion |  |  |  | $ | 11,029 |  |  |  | $ | 82 |  |
1 The interest rate on the term loan is variable based on six month LIBOR of 1.07% plus 112.5 basis points. 2 The net proceeds of the financing arrangements were used to distribute cash to UTC.
Schedule of Maturities of Long-term Debt | Scheduled maturities of long-term debt, excluding amortization of discount, are as follows:
(dollars in millions) |  |  |
2020 |  | $ | 218 |  |
2021 |  | $ | 70 |  |
2022 |  | $ | 28 |  |
2023 |  | $ | 2,260 |  |
2024 |  | $ | — |  |
Thereafter |  | $ | 8,750 |  |

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