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DEBT | 9 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
DEBT | NOTE 10 — DEBT Short-term Debt As of March 31, 2024, we had $20.5 billion of commercial paper issued and outstanding, with a weighted average interest rate of 5.4% and maturities ranging from 6 days to 216 days. The estimated fair value of this commercial paper approximates its carrying value. As of June 30, 2023, we had no commercial paper issued or outstanding. Long-term Debt The components of long-term debt were as follows:
(In millions, issuance by calendar year) |  | Maturities (calendar year) |  | Stated Interest Rate |  |  | Effective Interest Rate |  |  | March 31, 2024 |  |  | June 30, 2023 |
2009 issuance of $3.8 billion |  |  |  |  | 2039 |  |  |  |  | 5.20% |  |  |  |  | 5.24% |  |  | $ | 520 |  |  | $ | 520 |
2010 issuance of $4.8 billion |  |  |  |  | 2040 |  |  |  |  | 4.50% |  |  |  |  | 4.57% |  |  |  | 486 |  |  |  | 486 |
2011 issuance of $2.3 billion |  |  |  |  | 2041 |  |  |  |  | 5.30% |  |  |  |  | 5.36% |  |  |  | 718 |  |  |  | 718 |
2012 issuance of $2.3 billion |  |  |  |  | 2042 |  |  |  |  | 3.50% |  |  |  |  | 3.57% |  |  |  | 454 |  |  |  | 454 |
2013 issuance of $5.2 billion |  |  |  |  | 2043 |  |  | 3.75% | – | 4.88% |  |  | 3.83% | – | 4.92% |  |  |  | 314 |  |  |  | 1,814 |
2013 issuance of €4.1 billion |  |  | 2028 | – | 2033 |  |  | 2.63% | – | 3.13% |  |  | 2.69% | – | 3.22% |  |  |  | 2,484 |  |  |  | 2,509 |
2015 issuance of $23.8 billion |  |  | 2025 | – | 2055 |  |  | 2.70% | – | 4.75% |  |  | 2.77% | – | 4.78% |  |  |  | 9,805 |  |  |  | 9,805 |
2016 issuance of $19.8 billion |  |  | 2026 | – | 2056 |  |  | 2.40% | – | 3.95% |  |  | 2.46% | – | 4.03% |  |  |  | 7,930 |  |  |  | 9,430 |
2017 issuance of $17.1 billion (a) |  |  | 2026 | – | 2057 |  |  | 3.30% | – | 4.50% |  |  | 3.38% | – | 5.49% |  |  |  | 6,833 |  |  |  | 8,945 |
2020 issuance of $10.1 billion (a) |  |  | 2030 | – | 2060 |  |  | 1.35% | – | 2.68% |  |  | 2.53% | – | 5.43% |  |  |  | 10,111 |  |  |  | 10,000 |
2021 issuance of $8.2 billion |  |  | 2052 | – | 2062 |  |  | 2.92% | – | 3.04% |  |  | 2.92% | – | 3.04% |  |  |  | 8,185 |  |  |  | 8,185 |
2023 issuance of $3.4 billion (a) |  |  | 2026 | – | 2050 |  |  | 1.35% | – | 4.50% |  |  | 5.16% | – | 5.49% |  |  |  | 3,401 |  |  |  | 0 |
Total face value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51,241 |  |  |  | 52,866 |
Unamortized discount and issuance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,246 | ) |  |  | (438 | )
Hedge fair value adjustments (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (85 | ) |  |  | (106 | )
Premium on debt exchange |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,003 | ) |  |  | (5,085 | )
Total debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 44,907 |  |  |  | 47,237 |
Current portion of long-term debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,249 | ) |  |  | (5,247 | )
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 42,658 |  |  | $ | 41,990 |
(a) Includes $3.6 billion of debt at face value related to the Activision Blizzard acquisition. See Note 7 – Business Combinations for further information. (b) Refer to Note 5 – Derivatives for further information on the interest rate swaps related to fixed-rate debt. As of March 31, 2024 and June 30, 2023, the estimated fair value of long-term debt, including the current portion, was $43.2 billion and $46.2 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 March 31, 2024:
(In millions) |  |  |
Year Ending June 30, |  |  |  |
2024 (excluding the nine months ended March 31, 2024) |  | $ | 0 |
2025 |  |  | 2,250 |
2026 |  |  | 3,000 |
2027 |  |  | 9,250 |
2028 |  |  | 0 |
Thereafter |  |  | 36,741 |
Total |  | $ | 51,241 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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