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DEBT (Tables)
 12 Months Ended
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)20232022CommittedUncommitted
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 borrowings33 10 — — 
Other current borrowings9 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 $12 million.
Schedule of long-term debt As of June 30, 2023, the Company’s long-term debt consisted of the following:
Notes(10)
Issue DatePriceYieldPrincipalUnamortized
Debt (Discount)
Premium		Interest rate
swap
adjustments		Debt
Issuance
Costs		Semi-annual interest
payments
($ in millions)        
2053 Senior NotesMay 202399.455 %5.186 %$600 $(3)$— $(7)May 15/November 15
2049 Senior NotesNovember 201998.769 3.189 650 (8)— (6)June 1/December 1
2047 Senior Notes(1)
February 201799.739 4.165 500 (1)— (5)March 15/September 15
2045 Senior Notes(2)
June 201597.999 4.497 300 (5)— (3)June 15/December 15
2045 Senior Notes(2)
May 2016110.847 3.753 150 14 — (2)June 15/December 15
2042 Senior NotesAugust 201299.567 3.724 250 (1)— (2)February 15/August 15
2037 Senior Notes(3)
May 200798.722 6.093 300 (2)— (3)May 15/November 15
October 2033 Senior Notes(4)
September 200398.645 5.846 200 (1)— (1)April 15/October 15
May 2033 Senior Notes(9)
May 202399.897 4.663 700 (1)— (4)May 15/November 15
2031 Senior Notes(5),(7)
March 202199.340 2.023 600 (4)(43)(3)March 15/September 15
2030 Senior Notes(7)
April 202099.816 2.621 700 (1)(107)(3)April 15/October 15
2029 Senior Notes(8)
November 201999.046 2.483 650 (4)— (3)June 1/December 1
2028 Senior NotesMay 202399.897 4.398 700 (1)— (3)May 15/November 15
2027 Senior Notes(6)
February 201799.963 3.154 500 — — (1)March 15/September 15
2024 Senior NotesNovember 201999.421 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.