BORROWINGS AND LINES OF CREDIT (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt, all of which was issued during the nine months ended September 30, 2020 except for Other long-term debt, consisted of the following:

(dollars in millions)
Debt Description	Interest Rate			September 30, 2020			December 31, 2019
3-Year Term Loan Credit Facility due February 10, 2023	1.275	%	1	$	1,750	2	$	—
1.923% Notes due February 15, 2023	1.923	%		500		2	—
2.242% Notes due February 15, 2025	2.242	%		2,000		2	—
2.493% Notes due February 15, 2027	2.493	%		1,250		2	—
2.722% Notes due February 15, 2030	2.722	%		2,000		2	—
2.700% Notes due February 15, 2031	2.700	%		750			—
3.377% Notes due April 5, 2040	3.377	%		1,500		2	—
3.577% Notes due April 5, 2050	3.577	%		2,000		2	—
Other (including project financing obligations and finance leases)				309			319
Total principal long-term debt				12,059			319
Other (discounts and debt issuance costs)				(85)			—
Total debt				11,974			319
Less: current portion of long-term debt				223			237
Long-term debt, net of current portion				$	11,751		$	82

1 The interest rate on the term loan as of September 30, 2020 was 1.275% which is a variable rate based on one-month LIBOR 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	$	223
2021	$	45
2022	$	40
2023	$	2,251
2024	$	—
Thereafter	$	9,500