XML 66 R29.htm IDEA: XBRL DOCUMENT

DEBT (Tables)

6 Months Ended

Dec. 31, 2019


						Unamortized		Debt		Semi-annual
						Debt		Issuance		interest
Notes	Issue Date	Price		Yield		Discount		Costs		payments
($ in millions)

2024 Senior Notes	November 2019	99.421	%	2.122	%	$	3	$	3	June 1/December 1
2029 Senior Notes ⁽¹⁾	November 2019	99.046		2.483			6		4	June 1/December 1
2049 Senior Notes	November 2019	98.769		3.189			8		7	June 1/December 1

(1)

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.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details