Current portion of long-term debt
Notes to Financial Statements ▼ ▶
NOTE 11 — DEBT
Short-term Debt
As of June 30, 2024, we had $6.7 billion of commercial paper issued and outstanding, with a weighted average interest rate of 5.4% and maturities ranging from 28 days to 152 days. The estimated fair value of this commercial paper approximates its carrying value. As of June 30, 2023, we had no commercial paper issued or outstanding.
Long-term Debt
The components of long-term debt were as follows:
(In millions, issuance by calendar year) |
|
Maturities (calendar year) |
|
Stated Interest Rate |
|
|
Effective Interest Rate |
|
June 30, 2024 |
|
|
June 30, 2023 |
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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 |
|
|
|
|
2042 |
|
|
|
|
3.50% |
|
|
|
|
3.57% |
|
|
|
454 |
|
|
|
454 |
|
2013 issuance of $5.2 billion |
|
|
|
|
2043 |
|
|
3.75% |
– |
4.88% |
|
|
3.83% |
– |
4.92% |
|
|
|
314 |
|
|
|
1,814 |
|
2013 issuance of €4.1 billion |
|
|
2028 |
– |
2033 |
|
|
2.63% |
– |
3.13% |
|
|
2.69% |
– |
3.22% |
|
|
|
2,465 |
|
|
|
2,509 |
|
2015 issuance of $23.8 billion |
|
|
2025 |
– |
2055 |
|
|
2.70% |
– |
4.75% |
|
|
2.77% |
– |
4.78% |
|
|
|
9,805 |
|
|
|
9,805 |
|
2016 issuance of $19.8 billion |
|
|
2026 |
– |
2056 |
|
|
2.40% |
– |
3.95% |
|
|
2.46% |
– |
4.03% |
|
|
|
7,930 |
|
|
|
9,430 |
|
2017 issuance of $17.1 billion (a) |
|
|
2026 |
– |
2057 |
|
|
3.30% |
– |
4.50% |
|
|
3.38% |
– |
5.49% |
|
|
|
6,833 |
|
|
|
8,945 |
|
2020 issuance of $10.1 billion (a) |
|
|
2030 |
– |
2060 |
|
|
1.35% |
– |
2.68% |
|
|
2.53% |
– |
5.43% |
|
|
|
10,111 |
|
|
|
10,000 |
|
2021 issuance of $8.2 billion |
|
|
2052 |
– |
2062 |
|
|
2.92% |
– |
3.04% |
|
|
2.92% |
– |
3.04% |
|
|
|
8,185 |
|
|
|
8,185 |
|
2023 issuance of $0.1 billion (a) |
|
|
2026 |
– |
2050 |
|
|
1.35% |
– |
4.50% |
|
|
5.16% |
– |
5.49% |
|
|
|
56 |
|
|
|
0 |
|
2024 issuance of $3.3 billion (a) |
|
|
2026 |
– |
2050 |
|
|
1.35% |
– |
4.50% |
|
|
5.16% |
– |
5.49% |
|
|
|
3,344 |
|
|
|
0 |
|
|
|
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|
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Total face value |
|
|
|
|
|
|
|
|
|
|
|
|
51,221 |
|
|
|
52,866 |
|
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Unamortized discount and issuance costs |
|
|
|
|
|
|
|
|
|
|
|
|
(1,227 |
) |
|
|
(438 |
) |
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Hedge fair value adjustments (b) |
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|
|
|
|
|
|
|
|
|
|
|
(81 |
) |
|
|
(106 |
) |
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Premium on debt exchange |
|
|
|
|
|
|
|
|
|
|
|
|
(4,976 |
) |
|
|
(5,085 |
) |
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Total debt |
|
|
|
|
|
|
|
|
|
|
|
|
44,937 |
|
|
|
47,237 |
|
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Current portion of long-term debt |
|
|
|
|
|
|
|
|
|
|
|
|
(2,249 |
) |
|
|
(5,247 |
) |
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Long-term debt |
|
|
|
|
|
|
|
|
|
|
|
$ |
42,688 |
|
|
$ |
41,990 |
|
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As of June 30, 2024 and 2023, the estimated fair value of long-term debt, including the current portion, was $42.3 billion and $46.2 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. Cash paid for interest on our debt for fiscal years 2024, 2023, and 2022 was $1.7 billion, $1.7 billion, and $1.9 billion, respectively.
The following table outlines maturities of our long-term debt, including the current portion, as of June 30, 2024:
(In millions) |
|
|
|
|
|---|---|---|---|---|
|
|
|
|
|
|
|
|
|
|
Year Ending June 30, |
|
|
|
|
|
|
|
|
|
2025 |
|
$ |
2,250 |
|
2026 |
|
|
3,000 |
|
2027 |
|
|
9,250 |
|
2028 |
|
|
0 |
|
2029 |
|
|
1,876 |
|
Thereafter |
|
|
34,845 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
51,221 |
|
|
|
|
|
|