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Borrowings | 12 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Borrowings | BORROWINGS Public Debt - Senior Notes Issued The Company has issued senior notes (the “Notes”) under an Indenture, dated as of January 25, 2019, by and between the Company and The Bank of New York Mellon, as Trustee (the “2019 Indenture”). The Notes are direct unsecured obligations of the Company and rank pari passu with all other senior indebtedness of the Company, including the indebtedness under the Revolving Credit Agreement described below. Redemption may occur, at the option of the holders, at 101% of the principal amount plus an accrued interest amount in certain circumstances where a change of control is deemed to have occurred. The Notes are subject to certain covenants, which, among other things, limit the Company’s ability and the ability of the Company’s subsidiaries, to create liens and engage in merger, sale or consolidation transactions. The 2019 Indenture does not contain any financial maintenance covenants. In October 2023 and April 2020, the Company issued $1.25 billion and $1.2 billion of senior notes, respectively, and used the net proceeds for general corporate purposes. In January 2019, the Company issued $6.8 billion of senior notes and used the net proceeds, together with available cash on its balance sheet, to fund the estimated taxes associated with the Transaction. The following table summarizes the Company’s senior notes, net of repayments:
| Outstanding as of June 30,
| 2024 |  | 2023
| (in millions)
Public debt |  |  |
4.030% senior notes due 2024 | $ | — |  |  | $ | 1,250 |
3.050% senior notes due 2025 | 600 |  |  | 600 |
4.709% senior notes due 2029 | 2,000 |  |  | 2,000 |
3.500% senior notes due 2030 | 600 |  |  | 600 |
6.500% senior notes due 2033 | 1,250 |  |  | — |
5.476% senior notes due 2039 | 1,250 |  |  | 1,250 |
5.576% senior notes due 2049 | 1,550 |  |  | 1,550 |
Total public debt | 7,250 |  |  | 7,250 |
Less: unamortized discount and debt issuance costs | (53) |  |  | (40) |
Total borrowings | $ | 7,197 |  |  | $ | 7,210 |
Current Borrowings Included in Borrowings within Current liabilities as of June 30, 2024 was $600 million of 3.050% senior notes due in April 2025. Included in Borrowings within Current liabilities as of June 30, 2023 was $1.25 billion of 4.030% senior notes which matured and were repaid in full in January 2024. Revolving Credit Agreement On June 14, 2023, the Company entered into a five-year credit agreement (the “Revolving Credit Agreement”) among the Company, as Borrower, the initial lenders named therein, the initial issuing banks named therein, Citibank, N.A., as Administrative Agent, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA, as Co-Syndication Agents and JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding Inc., as Co-Documentation Agents. The Company entered into the Revolving Credit Agreement in anticipation of the transition away from the London Interbank Offered Rate (“LIBOR”) as a result of reference rate reform and to replace the Company’s previous unsecured revolving credit facility. The Revolving Credit Agreement provides for a $1.0 billion unsecured revolving credit facility with a sub-limit of $150 million available for the issuance of letters of credit and a maturity date of June 2028. Under the Revolving Credit Agreement, the Company may request an increase in the amount of the credit facility commitments up to a maximum facility amount of $1.75 billion and the Company may request that the maturity date be extended for up to two additional one-year periods. The material terms of the Revolving Credit Agreement include the requirement that the Company maintain specific leverage ratios and limitations on indebtedness. The interest rates and fees under the Revolving Credit Agreement are based on the Company’s long-term senior unsecured non-credit enhanced debt ratings. Given the current credit ratings, the interest rate on borrowings under the Revolving Credit Agreement would be the forward-looking term rate based on the Secured Overnight Financing Rate plus 1.125% and the facility fee is 0.125%. As of June 30, 2024, there were no borrowings outstanding under the Revolving Credit Agreement.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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