XML 285 R46.htm IDEA: XBRL DOCUMENT
v3.25.2

DEBT (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2025
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, 2025
(In millions) |  | 2025 |  | 2024 |  | Committed |  | Uncommitted
5.150% Senior Notes, due May 15, 2053 ("2053 Senior Notes") |  | $ | 591 |  |  | $ | 590 |  |  | $ | — |  |  | $ | — |
3.125% Senior Notes, due December 1, 2049 (“2049 Senior Notes”) |  | 637 |  |  | 637 |  |  | — |  |  | — |
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”) |  | 296 |  |  | 296 |  |  | — |  |  | — |
5.000% Senior Notes, due February 14, 2034 ("2034 Senior Notes") |  | 644 |  |  | 644 |  |  | — |  |  | — |
5.75% Senior Notes, due October 15, 2033 (“October 2033 Senior Notes”) |  | 198 |  |  | 198 |  |  | — |  |  | — |
4.650% Senior Notes, due May 15, 2033 ("May 2033 Senior Notes") |  | 696 |  |  | 695 |  |  | — |  |  | — |
1.950% Senior Notes, due March 15, 2031 (“2031 Senior Notes”) |  | 563 |  |  | 551 |  |  | — |  |  | — |
2.600% Senior Notes, due April 15, 2030 ("2030 Senior Notes") |  | 625 |  |  | 595 |  |  | — |  |  | — |
2.375% Senior Notes, due December 1, 2029 (“2029 Senior Notes”) |  | 645 |  |  | 644 |  |  | — |  |  | — |
4.375% Senior Notes, due May 15, 2028 ("2028 Senior Notes") |  | 697 |  |  | 696 |  |  | — |  |  | — |
3.150% Senior Notes, due March 15, 2027 (“2027 Senior Notes”) |  | 499 |  |  | 499 |  |  | — |  |  | — |
2.000% Senior Notes, due December 1, 2024 (“2024 Senior Notes”) |  | — |  |  | 499 |  |  | — |  |  | — |
Commercial paper |  | — |  |  | — |  |  | — |  |  | 2,500 |
Other long-term borrowings |  | 28 |  |  | 28 |  |  | — |  |  | — |
Other current borrowings |  | 3 |  |  | 4 |  |  | — |  |  | 155 |
Revolving credit facilities |  | — |  |  | — |  |  | 3,500 |  |  | — |
|  | 7,317 |  |  | 7,771 |  |  | $ | 3,500 |  |  | $ | 2,655 |
Less current debt including current maturities |  | (3) |  |  | (504) |  |  |  |  |
|  | $ | 7,314 |  |  | $ | 7,267 |  |  |  |  |
Schedule of long-term debt | As of June 30, 2025, the Company’s long-term debt consisted of the following:
Notes(1) |  | 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) |  |  | $ | — |  |  | $ | (6) |  |  | May 15/November 15
2049 Senior Notes |  | November 2019 |  | 98.769 |  |  | 3.189 |  |  | 650 |  |  | (7) |  |  | — |  |  | (6) |  |  | June 1/December 1
2047 Senior Notes(2) |  | February 2017 |  | 99.739 |  |  | 4.165 |  |  | 500 |  |  | (1) |  |  | — |  |  | (5) |  |  | March 15/September 15
2045 Senior Notes(3) |  | June 2015 |  | 97.999 |  |  | 4.497 |  |  | 300 |  |  | (5) |  |  | — |  |  | (3) |  |  | June 15/December 15
2045 Senior Notes(3) |  | May 2016 |  | 110.847 |  |  | 3.753 |  |  | 150 |  |  | 13 |  |  | — |  |  | (1) |  |  | June 15/December 15
2042 Senior Notes |  | August 2012 |  | 99.567 |  |  | 3.724 |  |  | 250 |  |  | (1) |  |  | — |  |  | (2) |  |  | February 15/August 15
2037 Senior Notes(4) |  | May 2007 |  | 98.722 |  |  | 6.093 |  |  | 300 |  |  | (2) |  |  | — |  |  | (2) |  |  | May 15/November 15
2034 Senior Notes(5) |  | February 2024 |  | 99.689 |  |  | 5.040 |  |  | 650 |  |  | (2) |  |  | — |  |  | (4) |  |  | February 14/August 14
October 2033 Senior Notes(6) |  | September 2003 |  | 98.645 |  |  | 5.846 |  |  | 200 |  |  | (1) |  |  | — |  |  | (1) |  |  | April 15/October 15
May 2033 Senior Notes(7) |  | May 2023 |  | 99.897 |  |  | 4.663 |  |  | 700 |  |  | (1) |  |  | — |  |  | (3) |  |  | May 15/November 15
2031 Senior Notes(8),(9) |  | March 2021 |  | 99.340 |  |  | 2.023 |  |  | 600 |  |  | (3) |  |  | (32) |  |  | (2) |  |  | March 15/September 15
2030 Senior Notes(9) |  | April 2020 |  | 99.816 |  |  | 2.621 |  |  | 700 |  |  | (1) |  |  | (72) |  |  | (2) |  |  | April 15/October 15
2029 Senior Notes(10) |  | November 2019 |  | 99.046 |  |  | 2.483 |  |  | 650 |  |  | (3) |  |  | — |  |  | (2) |  |  | June 1/December 1
2028 Senior Notes |  | May 2023 |  | 99.897 |  |  | 4.398 |  |  | 700 |  |  | — |  |  | — |  |  | (3) |  |  | May 15/November 15
2027 Senior Notes(11) |  | February 2017 |  | 99.963 |  |  | 3.154 |  |  | 500 |  |  | — |  |  | — |  |  | (1) |  |  | March 15/September 15
(1)The Senior Notes contain certain customary covenants, including limitations on indebtedness secured by liens. (2)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. (3)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. (4)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. (5)In March 2022, in anticipation of the issuance of the 2034 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $300 million at a weighted average all-in rate of 2.02%. The treasury lock agreements were terminated in September 2022, and the Company recognized a gain in OCI of $31 million that is being amortized to interest expense over the life of the 2034 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 2034 Senior Notes will be 4.53% over the life of the debt. (6)In May 2003, in anticipation of the issuance of the October 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 October 2033 Senior Notes. As a result of the treasury lock agreements, the debt discount and debt issuance costs, the effective interest rate on the October 2033 Senior Notes will be 5.395% over the life of the debt. (7)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. (8)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. (9)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 month fallback Secured Overnight Financing Rate ("SOFR") plus a margin. (10)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. (11)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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration