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DEBT | 9 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
DEBT | DEBT Short-term borrowings Notes and loans payable, which mature in less than one year, consisted of the following as of:
| 3/31/2020 |  | 6/30/2019
Draw down on revolving credit facility | $ | 450 |  |  | $ | — |
Commercial paper | 188 |  |  | 396 |
Total | $ | 638 |  |  | $ | 396 |
On November 15, 2019, the Company entered into a new $1,200 revolving credit agreement (the Credit Agreement) that matures in November 2024. The Credit Agreement replaced a prior $1,100 revolving credit agreement (the Prior Agreement) in place since February 2017. No termination fees or penalties were incurred in connection with entering the new agreement, which was considered a debt modification. There was $450 outstanding under the Credit Agreement as of March 31, 2020, and no borrowings under the Prior Agreement as of June 30, 2019. The Company borrowed under the Credit Agreement primarily to pay down maturing commercial paper balances in light of current uncertainty in short-term credit markets resulting from the COVID-19 outbreak. As of March 31, 2020, the effective interest of the revolving credit facility was 1.86%. The Company believes that borrowings under the new Credit Agreement will continue to be available for general corporate purposes. The new Credit Agreement includes certain restrictive covenants and limitations, which are consistent with the Prior Agreement and with which the Company was in compliance as of March 31, 2020.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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