Maximum borrowing capacity

  
9.    DEBT AND CREDIT FACILITIESThe following table summarizes the carrying amount of our borrowings under various financing arrangements:

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
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| (in millions) |  | Carrying Amount |
| Type of Borrowing |  | Issue Date |  | Maturity Date |  | Interest Rate |  | September 30, 2022 |  | December 31, 2021 |
| Senior Unsecured |  | September 2016 |  | March 2022 |  | 1.95% |  | $ | —  |  |  | $ | 500  |  |
| Senior Unsecured |  | September 2015 |  | September 2022 |  | 3.25% |  | —  |  |  | 999  |  |
| Senior Unsecured |  | September 2016 |  | September 2023 |  | 2.50% |  | 749  |  |  | 748  |  |
| Senior Unsecured |  | September 2020 |  | September 2023 |  | 0.75% |  | 1,498  |  |  | 1,496  |  |
| Senior Unsecured |  | March 2014 |  | April 2024 |  | 3.70% |  | 1,748  |  |  | 1,747  |  |
| Senior Unsecured |  | November 2014 |  | February 2025 |  | 3.50% |  | 1,748  |  |  | 1,747  |  |
| Senior Unsecured |  | September 2015 |  | March 2026 |  | 3.65% |  | 2,741  |  |  | 2,739  |  |
| Senior Unsecured |  | September 2016 |  | March 2027 |  | 2.95% |  | 1,247  |  |  | 1,247  |  |
| Senior Unsecured |  | September 2020 |  | October 2027 |  | 1.20% |  | 747  |  |  | 746  |  |
| Senior Unsecured |  | September 2020 |  | October 2030 |  | 1.65% |  | 993  |  |  | 993  |  |
| Senior Unsecured |  | September 2015 |  | September 2035 |  | 4.60% |  | 992  |  |  | 992  |  |
| Senior Unsecured |  | September 2016 |  | September 2036 |  | 4.00% |  | 742  |  |  | 742  |  |
| Senior Unsecured |  | September 2020 |  | October 2040 |  | 2.60% |  | 987  |  |  | 987  |  |
| Senior Unsecured |  | December 2011 |  | December 2041 |  | 5.65% |  | 996  |  |  | 996  |  |
| Senior Unsecured |  | March 2014 |  | April 2044 |  | 4.80% |  | 1,736  |  |  | 1,736  |  |
| Senior Unsecured |  | November 2014 |  | February 2045 |  | 4.50% |  | 1,733  |  |  | 1,733  |  |
| Senior Unsecured |  | September 2015 |  | March 2046 |  | 4.75% |  | 2,221  |  |  | 2,220  |  |
| Senior Unsecured |  | September 2016 |  | March 2047 |  | 4.15% |  | 1,728  |  |  | 1,727  |  |
| Senior Unsecured |  | September 2020 |  | October 2050 |  | 2.80% |  | 1,477  |  |  | 1,476  |  |
| Total senior unsecured notes  |  | 24,084  |  |  | 25,571  |  |
| Liability related to the sale of future royalties |  | 1,139  |  |  | 1,124  |  |
| Total debt, net |  | 25,223  |  |  | 26,695  |  |
| Less: Current portion of long-term debt and other obligations, net |  | 2,270  |  |  | 1,516  |  |
| Total Long-term debt, net |  | $ | 22,953  |  |  | $ | 25,179  |  |

Senior Unsecured NotesIn February 2022, we repaid $500 million of senior unsecured notes prior to the March 2022 maturity by exercising a par call option. Additionally, in July 2022, we repaid $1.0 billion of senior unsecured notes prior to the September 2022 maturity by exercising a par call option. No new debt was issued during the three and nine months ended September 30, 2022. We are required to comply with certain covenants under our note indentures governing our senior unsecured notes. As of September 30, 2022, we were not in violation of any covenants.Revolving Credit FacilityAs of September 30, 2022 and December 31, 2021, 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.10.    COMMITMENTS AND CONTINGENCIES Legal ProceedingsWe are a party to various legal actions. Certain significant matters are described below. We recognize accruals for such actions to the extent that we conclude that a loss is both probable and reasonably estimable. We accrue for the best estimate of a loss within a range; however, if no estimate in the range is better than any other, then we accrue the minimum amount in the range. If we determine that a material loss is reasonably possible and the loss or range of loss can be estimated, we disclose the possible loss. Unless otherwise noted, the outcome of these matters either is not expected to be material or is not possible to determine such that we cannot reasonably estimate the maximum potential exposure or the range of possible loss. 22
