v3.26.1
DEBT (Tables)
 12 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of current and long-term debt and available financing
The Company’s current and long-term debt and available financing consist of the following:
Debt at June 30,
Available financing at
June 30, 2026
(In millions)20262025CommittedUncommitted
5.150% Senior Notes, due May 15, 2053 ("2053 Senior Notes")
$591 $591 $— $— 
3.125% Senior Notes, due December 1, 2049 (“2049 Senior Notes”)
637 637 — — 
4.150% Senior Notes, due March 15, 2047 (“2047 Senior Notes”)
495 494 — — 
4.375% Senior Notes, due June 15, 2045 (“2045 Senior Notes”)
454 454 — — 
3.700% Senior Notes, due August 15, 2042 (“2042 Senior Notes”)
247 247 — — 
6.000% Senior Notes, due May 15, 2037 (“2037 Senior Notes”)
296 296 — — 
5.000% Senior Notes, due February 14, 2034 ("2034 Senior Notes")
625 644 — — 
5.75% Senior Notes, due October 15, 2033 (“October 2033 Senior Notes”)
198 198 — — 
4.650% Senior Notes, due May 15, 2033 ("May 2033 Senior Notes")
696 696 — — 
1.950% Senior Notes, due March 15, 2031 (“2031 Senior Notes”)
565 563 — — 
2.600% Senior Notes, due April 15, 2030 ("2030 Senior Notes")
630 625 — — 
2.375% Senior Notes, due December 1, 2029 (“2029 Senior Notes”)
646 645 — — 
4.375% Senior Notes, due May 15, 2028 ("2028 Senior Notes")
698 697 — — 
3.150% Senior Notes, due March 15, 2027 (“2027 Senior Notes”)
500 499 — — 
Commercial paper
— — — 2,500 
Other current borrowings— — — 178 
Other long-term borrowings28 31 — — 
Revolving credit facilities
— — 3,500 — 
7,306 7,317 $3,500 $2,678 
Less current debt including current maturities(503)(3)
$6,803 $7,314 
Schedule of long-term debt
As of June 30, 2026, the Company’s long-term debt consisted of the following:
Notes(1)
Issue DatePriceYieldPrincipalUnamortized
Debt (Discount)
Premium		Interest rate
swap
adjustments		Debt
Issuance
Costs		Semi-annual interest
payments
($ in millions)
2053 Senior NotesMay 202399.455 %5.186 %$600 $(3)$— $(6)May 15/November 15
2049 Senior NotesNovember 201998.769 3.189 650 (7)— (6)June 1/December 1
2047 Senior Notes(2)
February 201799.739 4.165 500 (1)— (4)March 15/September 15
2045 Senior Notes(3)
June 201597.999 4.497 300 (4)— (3)June 15/December 15
2045 Senior Notes(3)
May 2016110.847 3.753 150 12 — (1)June 15/December 15
2042 Senior NotesAugust 201299.567 3.724 250 (1)— (2)February 15/August 15
2037 Senior Notes(4)
May 200798.722 6.093 300 (2)— (2)May 15/November 15
2034 Senior Notes(5)(6)
February 202499.689 5.040 650 (2)(20)(3)February 14/August 14
October 2033 Senior Notes(7)
September 200398.645 5.846 200 (1)— (1)April 15/October 15
May 2033 Senior Notes(8)
May 202399.897 4.663 700 (1)— (3)May 15/November 15
2031 Senior Notes(6),(9)
March 202199.340 2.023 600 (2)(31)(2)March 15/September 15
2030 Senior Notes(6)
April 202099.816 2.621 700 (1)(67)(2)April 15/October 15
2029 Senior Notes(10)
November 201999.046 2.483 650 (2)— (2)June 1/December 1
2028 Senior NotesMay 202399.897 4.398 700 — — (2)May 15/November 15
2027 Senior Notes(11)
February 201799.963 3.154 500 — — — March 15/September 15
(1)The Senior Notes contain certain customary covenants, including limitations on indebtedness secured by liens.
(2)In November 2016, in anticipation of the issuance of the 2047 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $350 million at a weighted-average all-in rate of 3.01%. The treasury lock agreements were settled upon the issuance of the new debt, and the Company recognized a gain in OCI of $3 million that is being amortized against interest expense over the life of the 2047 Senior Notes. As a result of the treasury lock agreements, the debt discount and debt issuance costs, the effective interest rate on the 2047 Senior Notes will be 4.17% over the life of the debt.
(3)In April and May 2015, in anticipation of the issuance of the 2045 Senior Notes in June 2015, the Company entered into a series of forward-starting interest rate swap agreements on a notional amount totaling $300 million at a weighted-average all-in rate of 2.38%. The forward-starting interest rate swap agreements were settled upon the issuance of the new debt and the Company recognized a gain in OCI of $18 million that will be amortized against interest expense over the life of the 2045 Senior Notes. As a result of the forward-starting interest rate swap agreements, the debt discount and debt issuance costs, the effective interest rate on the 2045 Senior Notes will be 4.216% over the life of the debt. In May 2016, the Company reopened this offering with the same terms and issued an additional $150 million for an aggregate amount outstanding of $450 million of 2045 Senior Notes.
(4)In April 2007, in anticipation of the issuance of the 2037 Senior Notes, the Company entered into a series of forward-starting interest rate swap agreements on a notional amount totaling $210 million at a weighted-average all-in rate of 5.45%. The forward-starting interest rate swap agreements were settled upon the issuance of the new debt and the Company recognized a loss in OCI of $1 million that is being amortized to interest expense over the life of the 2037 Senior Notes. As a result of the forward-starting interest rate swap agreements, the debt discount and debt issuance costs, the effective interest rate on the 2037 Senior Notes will be 6.181% over the life of the debt.
(5)In March 2022, in anticipation of the issuance of the 2034 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $300 million at a weighted average all-in rate of 2.02%. The treasury lock agreements were terminated in September 2022, and the Company recognized a gain in OCI of $31 million that is being amortized to interest expense over the life of the 2034 Senior Notes. As a result of the treasury lock agreements, as well as the debt discount and debt issuance costs, the effective interest rate on the 2034 Senior Notes will be 4.53% over the life of the debt.
(6)The Company entered into interest rate swap agreements with a notional amount totaling $700 million, $300 million and $600 million to effectively convert the fixed rate interest on its outstanding 2030 Senior Notes, 2031 Senior Notes and 2034 Senior Notes to variable interest rates based on the Secured Overnight Financing Rate ("SOFR") plus a margin.
(7)In May 2003, in anticipation of the issuance of the October 2033 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $195 million at a weighted-average all-in rate of 4.53%. The treasury lock agreements were settled upon the issuance of the new debt and the Company received a payment of $15 million that is being amortized against interest expense over the life of the October 2033 Senior Notes. As a result of the treasury lock agreements, the debt discount and debt issuance costs, the effective interest rate on the October 2033 Senior Notes will be 5.395% over the life of the debt.
(8)In December 2022 and March 2023, in anticipation of the issuance of the May 2033 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $575 million at a weighted-average all-in rate of 3.57%. The treasury lock agreements were settled upon the issuance of the new debt, and the Company recognized a loss in OCI of $5 million that is being amortized to interest expense over the life of the May 2033 Senior Notes. As a result of the treasury lock agreements, as well as the debt discount and debt issuance costs, the effective interest rate on the May 2033 Senior Notes will be 4.83% over the life of the debt.
(9)In March 2020, in anticipation of the issuance of the 2031 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $200 million at a weighted-average all-in rate of 0.84%. The treasury lock agreements were settled upon the issuance of the new debt, and the Company recognized a gain in OCI of $11 million that is being amortized to interest expense over the life of the 2031 Senior Notes. As a result of the treasury lock agreements, as well as the debt discount and debt issuance costs, the effective interest rate on the 2031 Senior Notes will be 1.89% over the life of the debt.
(10)In April and May 2019, in anticipation of the issuance of the 2029 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $500 million at a weighted-average all-in rate of 2.50%. The treasury lock agreements were settled upon the issuance of the new debt, and the Company recognized a loss in OCI of $33 million that is being amortized to interest expense over the life of the 2029 Senior Notes. As a result of the treasury lock agreements, as well as the debt discount and debt issuance costs, the effective interest rate on the 2029 Senior Notes will be 3.15% over the life of the debt.
(11)In November 2016, in anticipation of the issuance of the 2027 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $450 million at a weighted-average all-in rate of 2.37%. The treasury lock agreements were settled upon the issuance of the new debt, and the Company recognized a gain in OCI of $2 million that is being amortized against interest expense over the life of the 2027 Senior Notes. As a result of the treasury lock agreements, the debt discount and debt issuance costs, the effective interest rate on the 2027 Senior Notes will be 3.18% over the life of the debt.