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v3.23.2

DEBT (Tables) | 12 Months Ended
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Jun. 30, 2023
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, 2023
(In millions) |  | 2023 |  | 2022 |  | Committed |  | Uncommitted
5.150% Senior Notes, due May 15, 2053 ("2053 Senior Notes") |  | $ | 590 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
3.125% Senior Notes, due December 1, 2049 (“2049 Senior Notes”) |  | 636 |  |  | 636 |  |  | — |  |  | — |
4.150% Senior Notes, due March 15, 2047 (“2047 Senior Notes”) |  | 494 |  |  | 494 |  |  | — |  |  | — |
4.375% Senior Notes, due June 15, 2045 (“2045 Senior Notes”) |  | 454 |  |  | 454 |  |  | — |  |  | — |
3.700% Senior Notes, due August 15, 2042 (“2042 Senior Notes”) |  | 247 |  |  | 247 |  |  | — |  |  | — |
6.000% Senior Notes, due May 15, 2037 (“2037 Senior Notes”) |  | 295 |  |  | 294 |  |  | — |  |  | — |
5.75% Senior Notes, due October 15, 2033 (“October 2033 Senior Notes”) |  | 198 |  |  | 197 |  |  | — |  |  | — |
4.650% Senior Notes, due May 15, 2033 ("May 2033 Senior Notes") |  | 695 |  |  | — |  |  | — |  |  | — |
1.950% Senior Notes, due March 15, 2031 (“2031 Senior Notes”) |  | 550 |  |  | 561 |  |  | — |  |  | — |
2.600% Senior Notes, due April 15, 2030 ("2030 Senior Notes") |  | 589 |  |  | 613 |  |  | — |  |  | — |
2.375% Senior Notes, due December 1, 2029 (“2029 Senior Notes”) |  | 643 |  |  | 642 |  |  | — |  |  | — |
4.375% Senior Notes, due May 15, 2028 ("2028 Senior Notes") |  | 696 |  |  | — |  |  | — |  |  | — |
3.150% Senior Notes, due March 15, 2027 (“2027 Senior Notes”) |  | 499 |  |  | 498 |  |  | — |  |  | — |
2.000% Senior Notes, due December 1, 2024 (“2024 Senior Notes”) |  | 498 |  |  | 498 |  |  | — |  |  | — |
2.350% Senior Notes, due August 15, 2022 (“2022 Senior Notes”) |  | — |  |  | 250 |  |  | — |  |  | — |
Commercial paper (1) |  | 988 |  |  | — |  |  | — |  |  | 1,500 |
Other long-term borrowings |  | 33 |  |  | 10 |  |  | — |  |  | — |
Other current borrowings |  | 9 |  |  | 18 |  |  | — |  |  | 161 |
Revolving credit facility |  | — |  |  | — |  |  | 2,500 |  |  | — |
|  | 8,114 |  |  | 5,412 |  |  | $ | 2,500 |  |  | $ | 1,661 |
Less current debt including current maturities |  | (997) |  |  | (268) |  |  |  |  |
|  | $ | 7,117 |  |  | $ | 5,144 |  |  |  |  |
(1) Consists of $1,000 million principal and unamortized debt discount of $12 million.
Schedule of long-term debt | As of June 30, 2023, the Company’s long-term debt consisted of the following:
Notes(10) |  | Issue Date |  | Price |  | Yield |  | Principal |  | Unamortized Debt (Discount) Premium |  | Interest rate swap adjustments |  | Debt Issuance Costs |  | Semi-annual interest payments
($ in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2053 Senior Notes |  | May 2023 |  | 99.455 | % |  | 5.186 | % |  | $ | 600 |  |  | $ | (3) |  |  | $ | — |  |  | $ | (7) |  |  | May 15/November 15
2049 Senior Notes |  | November 2019 |  | 98.769 |  |  | 3.189 |  |  | 650 |  |  | (8) |  |  | — |  |  | (6) |  |  | June 1/December 1
2047 Senior Notes(1) |  | February 2017 |  | 99.739 |  |  | 4.165 |  |  | 500 |  |  | (1) |  |  | — |  |  | (5) |  |  | March 15/September 15
2045 Senior Notes(2) |  | June 2015 |  | 97.999 |  |  | 4.497 |  |  | 300 |  |  | (5) |  |  | — |  |  | (3) |  |  | June 15/December 15
2045 Senior Notes(2) |  | May 2016 |  | 110.847 |  |  | 3.753 |  |  | 150 |  |  | 14 |  |  | — |  |  | (2) |  |  | June 15/December 15
2042 Senior Notes |  | August 2012 |  | 99.567 |  |  | 3.724 |  |  | 250 |  |  | (1) |  |  | — |  |  | (2) |  |  | February 15/August 15
2037 Senior Notes(3) |  | May 2007 |  | 98.722 |  |  | 6.093 |  |  | 300 |  |  | (2) |  |  | — |  |  | (3) |  |  | May 15/November 15
October 2033 Senior Notes(4) |  | September 2003 |  | 98.645 |  |  | 5.846 |  |  | 200 |  |  | (1) |  |  | — |  |  | (1) |  |  | April 15/October 15
May 2033 Senior Notes(9) |  | May 2023 |  | 99.897 |  |  | 4.663 |  |  | 700 |  |  | (1) |  |  | — |  |  | (4) |  |  | May 15/November 15
2031 Senior Notes(5),(7) |  | March 2021 |  | 99.340 |  |  | 2.023 |  |  | 600 |  |  | (4) |  |  | (43) |  |  | (3) |  |  | March 15/September 15
2030 Senior Notes(7) |  | April 2020 |  | 99.816 |  |  | 2.621 |  |  | 700 |  |  | (1) |  |  | (107) |  |  | (3) |  |  | April 15/October 15
2029 Senior Notes(8) |  | November 2019 |  | 99.046 |  |  | 2.483 |  |  | 650 |  |  | (4) |  |  | — |  |  | (3) |  |  | June 1/December 1
2028 Senior Notes |  | May 2023 |  | 99.897 |  |  | 4.398 |  |  | 700 |  |  | (1) |  |  | — |  |  | (3) |  |  | May 15/November 15
2027 Senior Notes(6) |  | February 2017 |  | 99.963 |  |  | 3.154 |  |  | 500 |  |  | — |  |  | — |  |  | (1) |  |  | March 15/September 15
2024 Senior Notes |  | November 2019 |  | 99.421 |  |  | 2.122 |  |  | 500 |  |  | (1) |  |  | — |  |  | (1) |  |  | June 1/December 1
(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 March 2020, in anticipation of the issuance of the 2031 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $200 million at a weighted-average all-in rate of 0.84%. The treasury lock agreements were settled upon the issuance of the new debt, and the Company recognized a gain in OCI of $11 million that is being amortized to interest expense over the life of the 2031 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 2031 Senior Notes will be 1.89% over the life of the debt. (6)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. (7)The Company entered into interest rate swap agreements with a notional amount totaling $700 million and $300 million to effectively convert the fixed rate interest on its outstanding 2030 Senior Notes and 2031 Senior Notes to variable interest rates based on three months LIBOR plus a margin. (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)In December 2022 and March 2023, in anticipation of the issuance of the May 2033 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $575 million at a weighted-average all-in rate of 3.57%. The treasury lock agreements were settled upon the issuance of the new debt, and the Company recognized a loss in OCI of $5 million that is being amortized to interest expense over the life of the May 2033 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 May 2033 Senior Notes will be 4.83% over the life of the debt. (10)The Senior Notes contain certain customary covenants, including limitations on indebtedness secured by liens.

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