| DEBT |
NOTE 10 — 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, 2026 |
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June 30, 2025 |
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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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2,630 |
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2,700 |
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2015 issuance of $23.8 billion |
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2035 |
– |
2055 |
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3.50% |
– |
4.75% |
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3.60% |
– |
4.78% |
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4,555 |
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7,555 |
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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 $3.3 billion |
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2026 |
– |
2050 |
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1.35% |
– |
4.50% |
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5.16% |
– |
5.49% |
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3,344 |
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3,344 |
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Total face value |
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46,136 |
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49,206 |
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Unamortized discount and issuance costs |
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(1,081 |
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(1,155 |
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Hedge fair value adjustments (a) |
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(11 |
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(36 |
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Premium on debt exchange |
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(4,750 |
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(4,864 |
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Total debt |
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40,294 |
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43,151 |
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Current portion of long-term debt |
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(9,227 |
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(2,999 |
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Long-term debt |
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$ |
31,067 |
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$ |
40,152 |
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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, 2026 and 2025, the estimated fair value of long-term debt, including the current portion, was $36.5 billion and $40.4 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 2026, 2025, and 2024 was $1.5 billion, $1.6 billion, and $1.7 billion, respectively. The following table outlines maturities of our long-term debt, including the current portion, as of June 30, 2026:
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(In millions) |
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Year Ending June 30, |
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2027 |
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$ |
9,250 |
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2028 |
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0 |
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2029 |
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2,001 |
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2030 |
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0 |
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2031 |
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500 |
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Thereafter |
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34,385 |
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Total |
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$ |
46,136 |
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