Notes to Financial Statements
NOTE 10 — DEBT
Short-term Debt
As of March 31, 2024, we had $20.5 billion of commercial paper issued and outstanding, with a weighted average interest rate of 5.4% and maturities ranging from 6 days to 216 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) |
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Maturities (calendar year) |
|
Stated Interest Rate |
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|
Effective Interest Rate |
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March 31, 2024 |
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June 30, 2023 |
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2009 issuance of $3.8 billion |
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2039 |
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5.20% |
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5.24% |
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$ |
520 |
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$ |
520 |
|
2010 issuance of $4.8 billion |
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2040 |
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4.50% |
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4.57% |
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|
486 |
|
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|
486 |
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2011 issuance of $2.3 billion |
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2041 |
|
|
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5.30% |
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5.36% |
|
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718 |
|
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|
718 |
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2012 issuance of $2.3 billion |
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2042 |
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3.50% |
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3.57% |
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454 |
|
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|
454 |
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2013 issuance of $5.2 billion |
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2043 |
|
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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% |
|
|
|
2,484 |
|
|
|
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 |
|
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2.40% |
– |
3.95% |
|
|
2.46% |
– |
4.03% |
|
|
|
7,930 |
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|
9,430 |
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2017 issuance of $17.1 billion (a) |
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2026 |
– |
2057 |
|
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3.30% |
– |
4.50% |
|
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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 |
|
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|
10,000 |
|
2021 issuance of $8.2 billion |
|
|
2052 |
– |
2062 |
|
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2.92% |
– |
3.04% |
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2.92% |
– |
3.04% |
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8,185 |
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8,185 |
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2023 issuance of $3.4 billion (a) |
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2026 |
– |
2050 |
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1.35% |
– |
4.50% |
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5.16% |
– |
5.49% |
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3,401 |
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0 |
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Total face value |
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51,241 |
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|
52,866 |
|
Unamortized discount and issuance costs |
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(1,246 |
) |
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(438 |
) |
Hedge fair value adjustments (b) |
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(85 |
) |
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(106 |
) |
Premium on debt exchange |
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(5,003 |
) |
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(5,085 |
) |
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Total debt |
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44,907 |
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47,237 |
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Current portion of long-term debt |
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|
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|
|
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(2,249 |
) |
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(5,247 |
) |
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Long-term debt |
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|
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$ |
42,658 |
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$ |
41,990 |
|
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As of March 31, 2024 and June 30, 2023, the estimated fair value of long-term debt, including the current portion, was $43.2 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.
The following table outlines maturities of our long-term debt, including the current portion, as of March 31, 2024:
(In millions) |
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Year Ending June 30, |
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|
|
|
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2024 (excluding the nine months ended March 31, 2024) |
|
$ |
0 |
|
2025 |
|
|
2,250 |
|
2026 |
|
|
3,000 |
|
2027 |
|
|
9,250 |
|
2028 |
|
|
0 |
|
Thereafter |
|
|
36,741 |
|
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Total |
|
$ |
51,241 |
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