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DEBT | 12 Months Ended
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Jun. 30, 2017
Debt Disclosure [Abstract] |
DEBT | DEBT Notes and loans payable, which mature in less than one year, included the following as of June 30:
| 2017 |  | 2016
Commercial paper | $ | 403 |  |  | $ | 522 |
Foreign borrowings | 1 |  |  | 1 |
Total | $ | 404 |  |  | $ | 523 |
The weighted average interest rates incurred on average outstanding notes and loans payable during the fiscal years ended June 30, 2017, 2016 and 2015, including fees associated with the Company’s undrawn revolving credit facility, were 1.21%, 1.10% and 2.05%, respectively. The weighted average effective interest rates on commercial paper balances as of June 30, 2017 and 2016 were 1.33% and 0.82%, respectively. Long-term debt, carried at face value net of unamortized discounts, premiums and debt issuance costs, included the following as of June 30:
| 2017 |  | 2016
Senior unsecured notes and debentures: |  |  |
5.95%, $400 due October 2017 | $ | 400 |  |  | $ | 400 |
3.80%, $300 due November 2021 | 298 |  |  | 297 |
3.05%, $600 due September 2022 | 596 |  |  | 596 |
3.50%, $500 due December 2024 | 497 |  |  | 496 |
Total | 1,791 |  |  | 1,789 |
Less: Current maturities of long-term debt | (400 | ) |  | — |
Long-term debt (1) | $ | 1,391 |  |  | $ | 1,789 |
(1) Prior year amounts have been retrospectively adjusted to conform to the current year presentation of debt issuance costs required by ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." See Note 1 for details. The weighted average interest rates incurred on average outstanding long-term debt during the fiscal years ended June 30, 2017, 2016 and 2015, were 4.41%, 4.37% and 4.44%, respectively. The weighted average effective interest rates on long-term debt balances as of June 30, 2017 and 2016 was 4.41%. Long-term debt maturities as of June 30, 2017, are $400, $0, $0, $0, $300 and $1,100 in fiscal years 2018, 2019, 2020, 2021, 2022 and thereafter, respectively. In October 2017, $400 of the Company's senior notes with an annual fixed interest rate of 5.95%, are due for repayment. In November 2015, $300 of the Company’s senior notes with an annual fixed interest rate of 3.55% became due and were repaid using commercial paper borrowings and cash on hand. In January 2015, $575 of the Company’s senior notes with an annual fixed interest rate of 5.00% became due and were repaid using the net proceeds from the December 2014 debt issuance and commercial paper borrowings. In December 2014, the Company issued $500 of senior notes with an annual fixed interest rate of 3.50%. The notes carry an effective interest rate of 4.10%, which includes the impact from the settlement of interest rate forward contracts in December 2014 (see Notes 10). The notes rank equally with all of the Company’s existing senior indebtedness. The Company’s borrowing capacity under other financing arrangements as of June 30 was as follows:
| 2017 |  | 2016
Revolving credit facility | $ | 1,100 |  |  | $ | 1,100 |
Foreign and other credit lines | 29 |  |  | 28 |
Total | $ | 1,129 |  |  | $ | 1,128 |
On February 8, 2017, the Company entered into a new $1,100 revolving credit agreement (the Credit Agreement) that matures in February 2022. The Credit Agreement replaced a prior $1,100 revolving credit agreement in place since October 2014. No termination fees or penalties were incurred in connection with the Company's debt modification. There were no borrowings under the Credit Agreement as of June 30, 2017 and 2016 and the Company believes that borrowings under the Credit Agreement are and will continue to be available for general business purposes. The Credit Agreement includes certain restrictive covenants and limitations, with which the Company was in compliance as of June 30, 2017. Of the $29 of foreign and other credit lines as of June 30, 2017, $5 was outstanding and the remainder of $24 was available for borrowing. Of the $28 of foreign and other credit lines as of June 30, 2016, $5 was outstanding and the remainder of $23 was available for borrowing.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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