NOTE 10 — DEBT
Short-term Debt
As of September 30, 2018 and June 30, 2018, we had no commercial paper issued or outstanding. Effective August 31, 2018, we terminated our credit facilities, which served as back-up for our commercial paper program.
Long-term Debt
As of September 30, 2018, the total carrying value and estimated fair value of our long-term debt, including the current portion, were $76.2 billion and $77.1 billion, respectively. As of June 30, 2018, the total carrying value and estimated fair value of our long-term debt, including the current portion, were $76.2 billion and $77.5 billion, respectively. These estimated fair values are based on Level 2 inputs.
The components of our long-term debt, including the current portion, and the associated interest rates were as follows:
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(In millions, except interest rates) |
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Face Value September 30, 2018 |
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Face Value June 30, 2018 |
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Stated Interest Rate |
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Effective Interest Rate |
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Notes |
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November 3, 2018 |
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$ |
1,750 |
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$ |
1,750 |
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1.300% |
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1.396% |
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December 6, 2018 |
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1,250 |
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1,250 |
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1.625% |
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1.824% |
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June 1, 2019 |
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1,000 |
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1,000 |
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4.200% |
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4.379% |
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August 8, 2019 |
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2,500 |
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2,500 |
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1.100% |
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1.203% |
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November 1, 2019 |
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18 |
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18 |
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0.500% |
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0.500% |
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February 6, 2020 |
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1,500 |
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1,500 |
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1.850% |
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1.952% |
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February 12, 2020 |
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1,500 |
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1,500 |
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1.850% |
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1.935% |
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October 1, 2020 |
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1,000 |
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1,000 |
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3.000% |
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3.137% |
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November 3, 2020 |
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2,250 |
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2,250 |
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2.000% |
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2.093% |
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February 8, 2021 |
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500 |
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500 |
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4.000% |
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4.082% |
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August 8, 2021 |
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2,750 |
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2,750 |
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1.550% |
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1.642% |
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December 6, 2021 (a) |
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2,034 |
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2,044 |
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2.125% |
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2.233% |
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February 6, 2022 |
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1,750 |
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1,750 |
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2.400% |
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2.520% |
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February 12, 2022 |
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1,500 |
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1,500 |
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2.375% |
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2.466% |
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November 3, 2022 |
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1,000 |
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1,000 |
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2.650% |
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2.717% |
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November 15, 2022 |
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750 |
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750 |
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2.125% |
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2.239% |
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May 1, 2023 |
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1,000 |
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1,000 |
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2.375% |
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2.465% |
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August 8, 2023 |
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1,500 |
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1,500 |
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2.000% |
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2.101% |
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December 15, 2023 |
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1,500 |
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1,500 |
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3.625% |
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3.726% |
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February 6, 2024 |
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2,250 |
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2,250 |
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2.875% |
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3.041% |
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February 12, 2025 |
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2,250 |
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2,250 |
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2.700% |
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2.772% |
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November 3, 2025 |
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3,000 |
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3,000 |
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3.125% |
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3.176% |
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August 8, 2026 |
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4,000 |
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4,000 |
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2.400% |
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2.464% |
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February 6, 2027 |
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4,000 |
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4,000 |
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3.300% |
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3.383% |
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December 6, 2028 (a) |
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2,034 |
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2,044 |
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3.125% |
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3.218% |
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May 2, 2033 (a) |
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639 |
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642 |
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2.625% |
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2.690% |
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February 12, 2035 |
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1,500 |
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1,500 |
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3.500% |
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3.604% |
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November 3, 2035 |
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1,000 |
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1,000 |
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4.200% |
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4.260% |
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August 8, 2036 |
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2,250 |
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2,250 |
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3.450% |
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3.510% |
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February 6, 2037 |
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2,500 |
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2,500 |
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4.100% |
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4.152% |
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June 1, 2039 |
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750 |
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|
750 |
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5.200% |
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5.240% |
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October 1, 2040 |
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1,000 |
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1,000 |
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4.500% |
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4.567% |
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February 8, 2041 |
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1,000 |
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1,000 |
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5.300% |
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5.361% |
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November 15, 2042 |
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900 |
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900 |
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3.500% |
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3.571% |
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May 1, 2043 |
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500 |
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|
500 |
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3.750% |
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3.829% |
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December 15, 2043 |
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500 |
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500 |
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4.875% |
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4.918% |
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February 12, 2045 |
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1,750 |
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1,750 |
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3.750% |
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3.800% |
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November 3, 2045 |
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3,000 |
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3,000 |
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4.450% |
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4.492% |
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August 8, 2046 |
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4,500 |
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4,500 |
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3.700% |
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3.743% |
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February 6, 2047 |
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3,000 |
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3,000 |
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4.250% |
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4.287% |
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February 12, 2055 |
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2,250 |
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2,250 |
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4.000% |
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4.063% |
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November 3, 2055 |
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1,000 |
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1,000 |
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4.750% |
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4.782% |
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August 8, 2056 |
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2,250 |
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2,250 |
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3.950% |
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4.033% |
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February 6, 2057 |
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2,000 |
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2,000 |
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4.500% |
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4.528% |
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Total |
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$ |
76,875 |
|
|
$ |
76,898 |
|
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(a) |
Euro-denominated debt securities. |
The notes in the table above are senior unsecured obligations and rank equally with our other senior unsecured debt outstanding. Interest on these notes is paid semi-annually, except for the euro-denominated debt securities on which interest is paid annually. As of September 30, 2018 and June 30, 2018, the aggregate debt issuance costs and unamortized discount associated with our long-term debt, including the current portion, were $645 million and $658 million, respectively.