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DEBT (Tables)
 12 Months Ended
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)20202019CommittedUncommitted
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 borrowings5 12 — — 
Other current borrowings17 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 $750 million outstanding under the revolving credit facility made subsequent to June 30, 2020.
Schedule of long-term debt
As of June 30, 2020, the Company’s long-term debt consisted of the following:
NotesIssue DatePriceYieldPrincipalUnamortized
Debt (Discount)
Premium		Interest rate
swap
adjustments		Debt
Issuance
Costs		Semi-annual interest
payments
($ in millions)        
2049 Senior Notes(9)
November 201998.769 %3.189 %$650 $(8)$— $(7)June 1/December 1
2047 Senior Notes(1),(9)
February 201799.739 4.165 500 (1)— (5)March 15/September 15
2045 Senior Notes(2),(9)
June 201597.999 4.497 300 (5)— (3)June 15/December 15
2045 Senior Notes(2),(9)
May 2016110.847 3.753 150 15 — (1)June 15/December 15
2042 Senior Notes(9)
August 201299.567 3.724 250 (1)— (2)February 15/August 15
2037 Senior Notes(3),(9)
May 200798.722 6.093 300 (3)— (3)May 15/November 15
2033 Senior Notes(4)
September 200398.645 5.846 200 (2)— (1)April 15/October 15
2030 Senior Notes(9)
April 202099.816 2.621 700 (1)— (5)April 15/October 15
2029 Senior Notes(8),(9)
November 201999.046 2.483 650 (6)— (4)June 1/December 1
2027 Senior Notes(5),(9)
February 201799.963 3.154 500 — — (2)March 15/September 15
2024 Senior Notes(9)
November 201999.421 2.122 500 (3)— (2)June 1/December 1
2022 Senior Notes(6),(9)
August 201299.911 2.360 250 — 10 (1)February 15/August 15
2021 Senior Notes(6),(7),(9)
May 201699.976 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.