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v3.20.2

DEBT (Tables) | 12 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Schedule of current and long-term debt and available financing | The Company’s current and long-term debt and available financing consist of the following:
|  | Debt at June 30 |  |  |  | Available financing at June 30, 2020 |  |
(In millions) |  | 2020 |  | 2019 |  | Committed |  | Uncommitted
3.125% Senior Notes, due December 1, 2049 (“2049 Senior Notes”) |  | $ | 635 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
4.15% Senior Notes, due March 15, 2047 (“2047 Senior Notes”) |  | 494 |  |  | 494 |  |  | — |  |  | — |
4.375% Senior Notes, due June 15, 2045 (“2045 Senior Notes”) |  | 456 |  |  | 455 |  |  | — |  |  | — |
3.70% Senior Notes, due August 15, 2042 (“2042 Senior Notes”) |  | 247 |  |  | 247 |  |  | — |  |  | — |
6.00% Senior Notes, due May 15, 2037 (“2037 Senior Notes”) |  | 294 |  |  | 294 |  |  | — |  |  | — |
5.75% Senior Notes, due October 15, 2033 (“2033 Senior Notes”) |  | 197 |  |  | 197 |  |  | — |  |  | — |
2.600% Senior Notes, due April 15, 2030 ("2030 Senior Notes") |  | 694 |  |  | — |  |  | — |  |  | — |
2.375% Senior Notes, due December 1, 2029 (“2029 Senior Notes”) |  | 640 |  |  | — |  |  | — |  |  | — |
3.15% Senior Notes, due March 15, 2027 (“2027 Senior Notes”) |  | 498 |  |  | 498 |  |  | — |  |  | — |
2.00% Senior Notes, due December 1, 2024 (“2024 Senior Notes”) |  | 495 |  |  | — |  |  | — |  |  | — |
2.35% Senior Notes, due August 15, 2022 (“2022 Senior Notes”) |  | 259 |  |  | 252 |  |  | — |  |  | — |
1.70% Senior Notes, due May 10, 2021 (“2021 Senior Notes”) |  | 455 |  |  | 447 |  |  | — |  |  | — |
1.80% Senior Notes, due February 7, 2020 (“2020 Senior Notes”) |  | — |  |  | 499 |  |  | — |  |  | — |
Commercial paper |  | — |  |  | — |  |  | — |  |  | 1,500 |
Other long-term borrowings |  | 5 |  |  | 12 |  |  | — |  |  | — |
Other current borrowings |  | 17 |  |  | 17 |  |  | — |  |  | 178 |
Revolving credit facility(1) |  | 750 |  |  | — |  |  | 750 |  |  | — |
|  | 6,136 |  |  | 3,412 |  |  | $ | 750 |  |  | $ | 1,678 |
Less current debt including current maturities |  | (1,222) |  |  | (516) |  |  |  |  |
|  | $ | 4,914 |  |  | $ | 2,896 |  |  |  |  |
(1) See Note 24 – Subsequent Events for information relating to the repayment of the $750 million outstanding under the revolving credit facility made subsequent to June 30, 2020.
Schedule of long-term debt | As of June 30, 2020, the Company’s long-term debt consisted of the following:
Notes |  | Issue Date |  | Price |  | Yield |  | Principal |  | Unamortized Debt (Discount) Premium |  | Interest rate swap adjustments |  | Debt Issuance Costs |  | Semi-annual interest payments
($ in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2049 Senior Notes(9) |  | November 2019 |  | 98.769 | % |  | 3.189 | % |  | $ | 650 |  |  | $ | (8) |  |  | $ | — |  |  | $ | (7) |  |  | June 1/December 1
2047 Senior Notes(1),(9) |  | February 2017 |  | 99.739 |  |  | 4.165 |  |  | 500 |  |  | (1) |  |  | — |  |  | (5) |  |  | March 15/September 15
2045 Senior Notes(2),(9) |  | June 2015 |  | 97.999 |  |  | 4.497 |  |  | 300 |  |  | (5) |  |  | — |  |  | (3) |  |  | June 15/December 15
2045 Senior Notes(2),(9) |  | May 2016 |  | 110.847 |  |  | 3.753 |  |  | 150 |  |  | 15 |  |  | — |  |  | (1) |  |  | June 15/December 15
2042 Senior Notes(9) |  | August 2012 |  | 99.567 |  |  | 3.724 |  |  | 250 |  |  | (1) |  |  | — |  |  | (2) |  |  | February 15/August 15
2037 Senior Notes(3),(9) |  | May 2007 |  | 98.722 |  |  | 6.093 |  |  | 300 |  |  | (3) |  |  | — |  |  | (3) |  |  | May 15/November 15
2033 Senior Notes(4) |  | September 2003 |  | 98.645 |  |  | 5.846 |  |  | 200 |  |  | (2) |  |  | — |  |  | (1) |  |  | April 15/October 15
2030 Senior Notes(9) |  | April 2020 |  | 99.816 |  |  | 2.621 |  |  | 700 |  |  | (1) |  |  | — |  |  | (5) |  |  | April 15/October 15
2029 Senior Notes(8),(9) |  | November 2019 |  | 99.046 |  |  | 2.483 |  |  | 650 |  |  | (6) |  |  | — |  |  | (4) |  |  | June 1/December 1
2027 Senior Notes(5),(9) |  | February 2017 |  | 99.963 |  |  | 3.154 |  |  | 500 |  |  | — |  |  | — |  |  | (2) |  |  | March 15/September 15
2024 Senior Notes(9) |  | November 2019 |  | 99.421 |  |  | 2.122 |  |  | 500 |  |  | (3) |  |  | — |  |  | (2) |  |  | June 1/December 1
2022 Senior Notes(6),(9) |  | August 2012 |  | 99.911 |  |  | 2.360 |  |  | 250 |  |  | — |  |  | 10 |  |  | (1) |  |  | February 15/August 15
2021 Senior Notes(6),(7),(9) |  | May 2016 |  | 99.976 |  |  | 1.705 |  |  | 450 |  |  | — |  |  | 5 |  |  | — |  |  | May 10/November 10
(1)In November 2016, in anticipation of the issuance of the 2047 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $350 million at a weighted-average all-in rate of 3.01%. The treasury lock agreements were settled upon the issuance of the new debt, and the Company recognized a gain in OCI of $3 million that is being amortized against interest expense over the life of the 2047 Senior Notes. As a result of the treasury lock agreements, the debt discount and debt issuance costs, the effective interest rate on the 2047 Senior Notes will be 4.17% over the life of the debt. (2)In April and May 2015, in anticipation of the issuance of the 2045 Senior Notes in June 2015, the Company entered into a series of forward-starting interest rate swap agreements on a notional amount totaling $300 million at a weighted-average all-in rate of 2.38%. The forward-starting interest rate swap agreements were settled upon the issuance of the new debt and the Company recognized a gain in OCI of $18 million that will be amortized against interest expense over the life of the 2045 Senior Notes. As a result of the forward-starting interest rate swap agreements, the debt discount and debt issuance costs, the effective interest rate on the 2045 Senior Notes will be 4.216% over the life of the debt. In May 2016, the Company reopened this offering with the same terms and issued an additional $150 million for an aggregate amount outstanding of $450 million of 2045 Senior Notes. (3)In April 2007, in anticipation of the issuance of the 2037 Senior Notes, the Company entered into a series of forward-starting interest rate swap agreements on a notional amount totaling $210 million at a weighted-average all-in rate of 5.45%. The forward-starting interest rate swap agreements were settled upon the issuance of the new debt and the Company recognized a loss in OCI of $1 million that is being amortized to interest expense over the life of the 2037 Senior Notes. As a result of the forward-starting interest rate swap agreements, the debt discount and debt issuance costs, the effective interest rate on the 2037 Senior Notes will be 6.181% over the life of the debt. (4)In May 2003, in anticipation of the issuance of the 2033 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $195 million at a weighted-average all-in rate of 4.53%. The treasury lock agreements were settled upon the issuance of the new debt and the Company received a payment of $15 million that is being amortized against interest expense over the life of the 2033 Senior Notes. As a result of the treasury lock agreements, the debt discount and debt issuance costs, the effective interest rate on the 2033 Senior Notes will be 5.395% over the life of the debt. (5)In November 2016, in anticipation of the issuance of the 2027 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $450 million at a weighted-average all-in rate of 2.37%. The treasury lock agreements were settled upon the issuance of the new debt, and the Company recognized a gain in OCI of $2 million that is being amortized against interest expense over the life of the 2027 Senior Notes. As a result of the treasury lock agreements, the debt discount and debt issuance costs, the effective interest rate on the 2027 Senior Notes will be 3.18% over the life of the debt. (6)The Company entered into interest rate swap agreements with a notional amount totaling $450 million and $250 million to effectively convert the fixed rate interest on its outstanding 2021 Senior Notes and 2022 Senior Notes, respectively, to variable interest rates based on three months LIBOR plus a margin. (7)In April 2016, in anticipation of the issuance of the 2021 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $400 million at a weighted-average all-in rate of 1.27%. The treasury lock agreements were settled upon the issuance of the new debt and the Company made a payment of $1 million that is being amortized to interest expense over the life of the 2021 Senior Notes. As a result of the treasury lock agreements, the debt discount and debt issuance costs, the effective interest rate on the 2021 Senior Notes will be 1.844% over the life of the debt. (8)In April and May 2019, in anticipation of the issuance of the 2029 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $500 million at a weighted-average all-in rate of 2.50%. The treasury lock agreements were settled upon the issuance of the new debt, and the Company recognized a loss in OCI of $33 million that is being amortized to interest expense over the life of the 2029 Senior Notes. As a result of the treasury lock agreements, as well as the debt discount and debt issuance costs, the effective interest rate on the 2029 Senior Notes will be 3.15% over the life of the debt. (9)The Senior Notes contain certain customary incurrence-based covenants, including limitations on indebtedness secured by liens.

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