Notes to Financial Statements
NOTE 10 — DEBT
The components of debt were as follows:
|
(In millions, issuance by calendar year) |
|
Maturities (calendar year) |
|
Stated Interest Rate |
|
|
Effective Interest Rate |
|
|
December 31, 2022 |
|
|
June 30, 2022 |
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2009 issuance of $3.8 billion |
|
|
|
|
2039 |
|
|
|
|
5.20% |
|
|
|
|
5.24% |
|
|
$ |
520 |
|
|
$ |
520 |
|
|
2010 issuance of $4.8 billion |
|
|
|
|
2040 |
|
|
|
|
4.50% |
|
|
|
|
4.57% |
|
|
|
486 |
|
|
|
486 |
|
|
2011 issuance of $2.3 billion |
|
|
|
|
2041 |
|
|
|
|
5.30% |
|
|
|
|
5.36% |
|
|
|
718 |
|
|
|
718 |
|
|
2012 issuance of $2.3 billion |
|
|
2022 |
– |
2042 |
|
|
2.13% |
– |
3.50% |
|
|
2.24% |
– |
3.57% |
|
|
|
454 |
|
|
|
1,204 |
|
|
2013 issuance of $5.2 billion |
|
|
2023 |
– |
2043 |
|
|
2.38% |
– |
4.88% |
|
|
2.47% |
– |
4.92% |
|
|
|
2,814 |
|
|
|
2,814 |
|
|
2013 issuance of €4.1 billion |
|
|
2028 |
– |
2033 |
|
|
2.63% |
– |
3.13% |
|
|
2.69% |
– |
3.22% |
|
|
|
2,455 |
|
|
|
2,404 |
|
|
2015 issuance of $23.8 billion |
|
|
2025 |
– |
2055 |
|
|
2.70% |
– |
4.75% |
|
|
2.77% |
– |
4.78% |
|
|
|
9,805 |
|
|
|
10,805 |
|
|
2016 issuance of $19.8 billion |
|
|
2023 |
– |
2056 |
|
|
2.00% |
– |
3.95% |
|
|
2.10% |
– |
4.03% |
|
|
|
9,430 |
|
|
|
9,430 |
|
|
2017 issuance of $17.0 billion |
|
|
2024 |
– |
2057 |
|
|
2.88% |
– |
4.50% |
|
|
3.04% |
– |
4.53% |
|
|
|
8,945 |
|
|
|
8,945 |
|
|
2020 issuance of $10.0 billion |
|
|
2050 |
– |
2060 |
|
|
2.53% |
– |
2.68% |
|
|
2.53% |
– |
2.68% |
|
|
|
10,000 |
|
|
|
10,000 |
|
|
2021 issuance of $8.2 billion |
|
|
2052 |
– |
2062 |
|
|
2.92% |
– |
3.04% |
|
|
2.92% |
– |
3.04% |
|
|
|
8,185 |
|
|
|
8,185 |
|
|
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|
Total face value |
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
53,812 |
|
|
|
55,511 |
|
|
Unamortized discount and issuance costs |
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|
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
(455 |
) |
|
|
(471 |
) |
|
Hedge fair value adjustments (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(103 |
) |
|
|
(68 |
) |
|
Premium on debt exchange |
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,138 |
) |
|
|
(5,191 |
) |
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|
Total debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,116 |
|
|
|
49,781 |
|
|
Current portion of long-term debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,997 |
) |
|
|
(2,749 |
) |
|
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Long-term debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
44,119 |
|
|
$ |
47,032 |
|
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(a) |
Refer to Note 5 – Derivatives for further information on the interest rate swaps related to fixed-rate debt. |
As of December 31, 2022 and June 30, 2022, the estimated fair value of long-term debt, including the current portion, was $46.4 billion and $50.9 billion, respectively. The estimated fair values are based on Level 2 inputs.
Debt in the table above is comprised of senior unsecured obligations and ranks equally with our other outstanding obligations. Interest is paid semi-annually, except for the Euro-denominated debt, which is paid annually.
The following table outlines maturities of our long-term debt, including the current portion, as of December 31, 2022:
|
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Year Ending June 30, |
|
|
|
|
|
|
|
|
|
|
|
2023 (excluding the six months ended December 31, 2022) |
|
$ |
1,000 |
|
|
2024 |
|
|
5,250 |
|
|
2025 |
|
|
2,250 |
|
|
2026 |
|
|
3,000 |
|
|
2027 |
|
|
8,000 |
|
|
Thereafter |
|
|
34,312 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Total |
|
$ |
53,812 |
|
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