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DEBT AND CREDIT FACILITIES
 6 Months Ended
Jun. 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 RateJune 30, 2021December 31, 2020
Senior UnsecuredMarch 2011April 20214.50%$— $1,000 
Senior UnsecuredSeptember 2020September 2021
3-month LIBOR + 0.15%
500 499 
Senior UnsecuredDecember 2011December 20214.40%1,249 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%
498 498 
Senior UnsecuredSeptember 2020September 20230.75%1,994 1,992 
Term LoanOctober 2020October 2023variable748 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%986 986 
Senior UnsecuredDecember 2011December 20415.65%996 996 
Senior UnsecuredMarch 2014April 20444.80%1,735 1,735 
Senior UnsecuredNovember 2014February 20454.50%1,732 1,732 
Senior UnsecuredSeptember 2015March 20464.75%2,219 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 facility29,057 30,295 
Liability related to future royalties1,118 1,107 
Total debt, net30,175 31,402 
Less: current portion of long-term debt and other obligations, net2,261 2,757 
Total long-term debt, net$27,914 $28,645 
Debt
During the six months ended June 30, 2021, we repaid $1.25 billion of debt, including $1.0 billion of senior unsecured notes prior to the April 2021 maturity and $250 million principal amount under our three-year $1.0 billion senior unsecured term loan facility, leaving $750 million principal amount outstanding as of June 30, 2021. No new debt was issued during the three and six months ended June 30, 2021. We are required to comply with certain covenants under our note indentures governing our senior unsecured notes. As of June 30, 2021, we were in compliance with all covenants. In August 2021, we called $1.25 billion of senior unsecured notes prior to the December 2021 maturity by exercising a three-month par call. We expect to repay the $1.25 billion of senior unsecured notes prior to the maturity during the third quarter of 2021.
Credit Facility
As of June 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.