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DEBT | 6 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
DEBT | NOTE 10 — DEBT The components of debt were as follows:
(In millions, issuance by calendar year) |  | Maturities (calendar year) |  | Stated Interest Rate |  |  | Effective Interest Rate |  |  | December 31, 2020 |  |  | June 30, 2020 |
2009 issuance of $3.8 billion (a) |  |  |  |  | 2039 |  |  |  |  | 5.20% |  |  |  |  | 5.24% |  |  | $ | 559 |  |  | $ | 559 |
2010 issuance of $4.8 billion (a) |  |  |  |  | 2040 |  |  |  |  | 4.50% |  |  |  |  | 4.57% |  |  |  | 571 |  |  |  | 1,571 |
2011 issuance of $2.3 billion (a) |  |  | 2021 | – | 2041 |  |  | 4.00% | – | 5.30% |  |  | 4.08% | – | 5.36% |  |  |  | 1,270 |  |  |  | 1,270 |
2012 issuance of $2.3 billion |  |  | 2022 | – | 2042 |  |  | 2.13% | – | 3.50% |  |  | 2.24% | – | 3.57% |  |  |  | 1,650 |  |  |  | 1,650 |
2013 issuance of $5.2 billion (a) |  |  | 2023 | – | 2043 |  |  | 2.38% | – | 4.88% |  |  | 2.47% | – | 4.92% |  |  |  | 2,919 |  |  |  | 2,919 |
2013 issuance of €4.1 billion |  |  | 2021 | – | 2033 |  |  | 2.13% | – | 3.13% |  |  | 2.23% | – | 3.22% |  |  |  | 4,955 |  |  |  | 4,549 |
2015 issuance of $23.8 billion (a) |  |  | 2022 | – | 2055 |  |  | 2.38% | – | 4.75% |  |  | 2.47% | – | 4.78% |  |  |  | 13,299 |  |  |  | 15,549 |
2016 issuance of $19.8 billion (a) |  |  | 2021 | – | 2056 |  |  | 1.55% | – | 3.95% |  |  | 1.64% | – | 4.03% |  |  |  | 16,955 |  |  |  | 16,955 |
2017 issuance of $17.0 billion (a) |  |  | 2022 | – | 2057 |  |  | 2.40% | – | 4.50% |  |  | 2.52% | – | 4.53% |  |  |  | 12,385 |  |  |  | 12,385 |
2020 issuance of $10.0 billion (a) |  |  | 2050 | – | 2060 |  |  | 2.53% | – | 2.68% |  |  | 2.53% | – | 2.68% |  |  |  | 10,000 |  |  |  | 10,000 |
Total face value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 64,563 |  |  |  | 67,407 |
Unamortized discount and issuance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (533 | ) |  |  | (554 | )
Hedge fair value adjustments (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 77 |  |  |  | 93 |
Premium on debt exchange (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,584 | ) |  |  | (3,619 | )
Total debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 60,523 |  |  |  | 63,327 |
Current portion of long-term debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,387 | ) |  |  | (3,749 | )
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 55,136 |  |  | $ | 59,578 |
(a) | In June 2020, we exchanged a portion of our existing debt at premium for cash and new debt with longer maturities. The premium is amortized over the term of the new debt.
(b) | Refer to Note 5 – Derivatives for further information on the interest rate swaps related to fixed-rate debt.
As of December 31, 2020 and June 30, 2020, the estimated fair value of long-term debt, including the current portion, was $75.1 billion and $77.1 billion, respectively. The estimated fair values are based on Level 2 inputs. Debt in the table above is comprised of senior unsecured obligations and ranks equally with our other outstanding obligations. Interest is paid semi-annually, except for the Euro-denominated debt, which is paid annually. The following table outlines maturities of our long-term debt, including the current portion, as of December 31, 2020:
(In millions) |  |  |
Year Ending June 30, |  |  |  |
2021 (excluding the six months ended December 31, 2020) |  | $ | 500 |
2022 |  |  | 8,141 |
2023 |  |  | 2,750 |
2024 |  |  | 5,250 |
2025 |  |  | 2,250 |
Thereafter |  |  | 45,672 |
Total |  | $ | 64,563 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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