DEBT AND CREDIT FACILITIES

3 Months Ended

Mar. 31, 2024

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 Borrowing	Issue Date	Maturity Date	Interest Rate	March 31, 2024		December 31, 2023
Senior Unsecured	March 2014	April 2024	3.70%	$	1,750	$	1,750
Senior Unsecured	November 2014	February 2025	3.50%	1,749		1,749
Senior Unsecured	September 2015	March 2026	3.65%	2,745		2,744
Senior Unsecured	September 2016	March 2027	2.95%	1,248		1,248
Senior Unsecured	September 2020	October 2027	1.20%	748		747
Senior Unsecured	September 2020	October 2030	1.65%	995		994
Senior Unsecured	September 2023	October 2033	5.25%	992		992
Senior Unsecured	September 2015	September 2035	4.60%	993		993
Senior Unsecured	September 2016	September 2036	4.00%	743		743
Senior Unsecured	September 2020	October 2040	2.60%	988		988
Senior Unsecured	December 2011	December 2041	5.65%	996		996
Senior Unsecured	March 2014	April 2044	4.80%	1,737		1,737
Senior Unsecured	November 2014	February 2045	4.50%	1,734		1,734
Senior Unsecured	September 2015	March 2046	4.75%	2,223		2,222
Senior Unsecured	September 2016	March 2047	4.15%	1,729		1,729
Senior Unsecured	September 2020	October 2050	2.80%	1,478		1,478
Senior Unsecured	September 2023	October 2053	5.55%	988		988
Total senior unsecured notes				23,838		23,834
Liability related to future royalties				1,157		1,153
Liability related to assumed financing arrangement				199		—
Total debt, net				25,193		24,987
Less: Current portion of long-term debt and other obligations, net				3,667		1,798
Total Long-term debt, net				$	21,527	$	23,189

Senior Unsecured Notes

We are required to comply with certain covenants under our note indentures governing our senior unsecured notes. As of March 31, 2024, we were not in violation of any covenants. In April 2024, we repaid $1.75 billion of senior unsecured notes due at maturity.

Revolving Credit Facility

As of March 31, 2024 and December 31, 2023, 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.