| DEBT |
NOTE 10 — DEBT Short-term Debt As of June 30, 2025, we had no commercial paper issued or outstanding. 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. Long-term Debt The components of long-term debt were as follows:
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(In millions, issuance by calendar year) |
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Maturities (calendar year) |
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Stated Interest Rate |
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Effective Interest Rate |
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June 30, 2025 |
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June 30, 2024 |
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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 |
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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% |
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3.83% |
– |
4.92% |
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314 |
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314 |
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2013 issuance of €4.1 billion |
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2028 |
– |
2033 |
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2.63% |
– |
3.13% |
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2.69% |
– |
3.22% |
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2,700 |
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2,465 |
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2015 issuance of $23.8 billion |
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2025 |
– |
2055 |
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3.13% |
– |
4.75% |
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3.18% |
– |
4.78% |
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7,555 |
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9,805 |
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2016 issuance of $19.8 billion |
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2026 |
– |
2056 |
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2.40% |
– |
3.95% |
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2.46% |
– |
4.03% |
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7,930 |
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7,930 |
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2017 issuance of $17.1 billion |
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2026 |
– |
2057 |
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3.30% |
– |
4.50% |
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3.38% |
– |
5.49% |
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6,833 |
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6,833 |
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2020 issuance of $10.1 billion |
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2030 |
– |
2060 |
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1.35% |
– |
2.68% |
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2.53% |
– |
5.43% |
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10,111 |
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10,111 |
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2021 issuance of $8.2 billion |
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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 $0.1 billion |
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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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56 |
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56 |
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2024 issuance of $3.3 billion |
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2026 |
– |
2050 |
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1.35% |
– |
4.50% |
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5.16% |
– |
5.49% |
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3,344 |
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3,344 |
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Total face value |
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49,206 |
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51,221 |
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Unamortized discount and issuance costs |
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(1,155 |
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(1,227 |
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Hedge fair value adjustments (a) |
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(36 |
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(81 |
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Premium on debt exchange |
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(4,864 |
) |
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(4,976 |
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Total debt |
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43,151 |
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44,937 |
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Current portion of long-term debt |
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(2,999 |
) |
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(2,249 |
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Long-term debt |
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$ |
40,152 |
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$ |
42,688 |
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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 June 30, 2025 and 2024, the estimated fair value of long-term debt, including the current portion, was $40.4 billion and $42.3 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 2025, 2024, and 2023 was $1.6 billion, $1.7 billion, and $1.7 billion, respectively. The following table outlines maturities of our long-term debt, including the current portion, as of June 30, 2025:
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(In millions) |
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Year Ending June 30, |
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2026 |
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$ |
3,000 |
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2027 |
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9,250 |
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2028 |
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0 |
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2029 |
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2,054 |
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2030 |
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0 |
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Thereafter |
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34,902 |
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Total |
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$ |
49,206 |
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