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DEBT AND CREDIT FACILITIES
 6 Months Ended
Jun. 30, 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 BorrowingIssue DateMaturity DateInterest RateJune 30, 2024December 31, 2023
Senior UnsecuredMarch 2014April 20243.70%$— $1,750 
Senior UnsecuredNovember 2014February 20253.50%1,749 1,749 
Senior UnsecuredSeptember 2015March 20263.65%2,746 2,744 
Senior UnsecuredSeptember 2016March 20272.95%1,248 1,248 
Senior UnsecuredSeptember 2020October 20271.20%748 747 
Senior UnsecuredSeptember 2020October 20301.65%995 994 
Senior UnsecuredSeptember 2023October 20335.25%993 992 
Senior UnsecuredSeptember 2015September 20354.60%993 993 
Senior UnsecuredSeptember 2016September 20364.00%743 743 
Senior UnsecuredSeptember 2020October 20402.60%989 988 
Senior UnsecuredDecember 2011December 20415.65%996 996 
Senior UnsecuredMarch 2014April 20444.80%1,737 1,737 
Senior UnsecuredNovember 2014February 20454.50%1,735 1,734 
Senior UnsecuredSeptember 2015March 20464.75%2,223 2,222 
Senior UnsecuredSeptember 2016March 20474.15%1,729 1,729 
Senior UnsecuredSeptember 2020October 20502.80%1,478 1,478 
Senior UnsecuredSeptember 2023October 20535.55%988 988 
Total senior unsecured notes 22,091 23,834 
Liability related to future royalties1,159 1,153 
Liability related to assumed financing arrangement99 — 
Total debt, net23,349 24,987 
Less: Current portion of long-term debt and other obligations, net1,809 1,798 
Total Long-term debt, net$21,540 $23,189 
Senior Unsecured Notes
In April 2024, we repaid at maturity $1.75 billion of principal balance related to our senior unsecured notes. We are required to comply with certain covenants under our note indentures governing our senior unsecured notes. As of June 30, 2024, we were not in violation of any covenants.
Credit Facilities
In June 2024, we terminated our $2.5 billion revolving credit facility maturing in June 2025 (the “2020 Revolving Credit Facility”) and entered into a new $2.5 billion revolving credit facility maturing in June 2029 (the “2024 Revolving Credit Facility”), which has terms substantially similar to the 2020 Revolving Credit Facility. The 2024 Revolving Credit Facility can be used for working capital requirements and for general corporate purposes, including, without limitation, acquisitions. As of June 30, 2024 and December 31, 2023, there were no amounts outstanding under these revolving credit facilities.
The 2024 Revolving Credit Facility contains customary representations, warranties, affirmative and negative covenants and events of default. At June 30, 2024, we were in compliance with all covenants. Loans under the 2024 Revolving Credit Facility bear interest at either (i) Term SOFR plus the Applicable Percentage, (ii) the Alternative Currency Term Rate plus the Applicable Percentage, or (iii) the Base Rate plus the Applicable Percentage, each as defined in the 2024 Revolving Credit Facility agreement. We may terminate or reduce the commitments and may prepay any loans under the 2024 Revolving Credit Facility in whole or in part at any time without premium or penalty.