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Debt | 12 Months Ended
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Jun. 30, 2021
Debt Disclosure [Abstract] |
Debt | NOTE 9. DEBT In fiscal 2021, the Company issued two series of fixed-rate notes with staggered maturities of 7 and 10-years totaling $2.0 billion, and in fiscal 2016 the Company issued fixed rate notes with a 10-year maturity of $1.0 billion, for an aggregate principal amount of $3.0 billion (collectively the “Notes”). The Notes are senior unsecured obligations, and interest is payable in arrears, semi-annually. In August 2020, the Company redeemed $1.0 billion of senior notes bearing a fixed interest rate of 2.25%. In addition, the Company terminated several derivative contracts in place to hedge exposure in changes in benchmark interest rates for the senior notes issued in August 2020 with an aggregate notional amount totaling $1.0 billion (of which $400.0 million were entered into during fiscal year 2020 and $600.0 million were entered into on the day of issuance). Since these derivative contracts were classified as cash flow hedges, the unamortized loss of $43.6 million was deferred in accumulated other comprehensive income (loss) and will be amortized to earnings over the life of the senior notes due in 2030 as the interest payments are made. The principal amounts and associated effective interest rates of the Notes and other debt as of June 30, 2021 and 2020 are as follows:
Debt instrument |  | Effective Interest Rate |  | June 30, 2021 |  | June 30, 2020
Fixed-rate 2.250% notes due September 15, 2020 |  | 2.37% |  | $ | — |  |  | $ | 1,000.0 |
Fixed-rate 3.375% notes due September 15, 2025 |  | 3.47% |  | 1,000.0 |  |  | 1,000.0 |
Fixed-rate 1.250% notes due September 1, 2030 |  | 1.83% |  | 1,000.0 |  |  | — |
Fixed-rate 1.700% notes due May 15, 2028 |  | 1.85% |  | 1,000.0 |  |  | — |
Other |  |  |  | 6.9 |  |  | 8.4 |
|  |  |  | 3,006.9 |  |  | 2,008.4 |
Less: current portion (a) |  |  |  | (1.2) |  |  | (1,001.8) |
Less: unamortized discount and debt issuance costs |  |  |  | (20.7) |  |  | (3.8) |
Total long-term debt |  |  |  | $ | 2,985.0 |  |  | $ | 1,002.8 |
(a) - Current portion of long-term debt as of June 30, 2021 is included within Accrued expenses and other current liabilities on the Consolidated Balance Sheets. The effective interest rates for the Notes include the interest on the Notes and amortization of the discount and debt issuance costs. As of June 30, 2021, the fair value of the Notes, based on Level 2 inputs, was $3,060.4 million. For a description of the fair value hierarchy and the Company's fair value methodologies, including the use of an independent third-party pricing service, see Note 1 “Summary of Significant Accounting Policies.”

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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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