Item 8

  

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:

> **(In millions, issuance by calendar year)**
>
> Maturities   (calendar year) / Maturities   (calendar year) / Maturities   (calendar year) / Maturities   (calendar year) / Stated Interest   Rate / Stated Interest   Rate / Stated Interest   Rate / Stated Interest   Rate / Effective Interest   Rate / Effective Interest   Rate / Effective Interest   Rate / June 30,   2025 / June 30,   2025 / June 30,   2025 / June 30,   2024 / June 30,   2024
>
> 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 / 314
> 2013   issuance of € 4.1  billion ....... 2028 / – / 2033 / 2.63 % / – / 3.13 % / 2.69 % / – / 3.22 % / 2,700 / 2,465
> 2015   issuance of $ 23.8  billion ...... 2025 / – / 2055 / 3.13 % / – / 4.75 % / 3.18 % / – / 4.78 % / 7,555 / 9,805
> 2016   issuance of $ 19.8  billion ...... 2026 / – / 2056 / 2.40 % / – / 3.95 % / 2.46 % / – / 4.03 % / 7,930 / 7,930
> 2017   issuance of $ 17.1  billion ...... 2026 / – / 2057 / 3.30 % / – / 4.50 % / 3.38 % / – / 5.49 % / 6,833 / 6,833
> 2020   issuance of $ 10.1  billion ...... 2030 / – / 2060 / 1.35 % / – / 2.68 % / 2.53 % / – / 5.43 % / 10,111 / 10,111
> 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 ....... 2026 / – / 2050 / 1.35 % / – / 4.50 % / 5.16 % / – / 5.49 % / 56 / 56
> 2024   issuance of $ 3.3  billion ....... 2026 / – / 2050 / 1.35 % / – / 4.50 % / 5.16 % / – / 5.49 % / 3,344 / 3,344
> Total face value ........................ 49,206 / 51,221
> Unamortized discount and issuance costs ... ( 1,155 / ) / ( 1,227 / )
> Hedge fair value adjustments  (a) ....... ( 36 / ) / ( 81 / )
> Premium on debt exchange ................ ( 4,864 / ) / ( 4,976 / )
> Total debt .............................. 43,151 / 44,937
> Current portion of long-term debt ....... ( 2,999 / ) / ( 2,249 / )
> Long-term debt .......................... $ / 40,152 / $ / 42,688

  (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:

| --- | --- | --- |
| (In millions) |  |  |
| Year Ending June 30, |  |  |
| 2026 | $ | 3,000 |
| 2027 |  | 9,250 |
| 2028 |  | 0 |
| 2029 |  | 2,054 |
| 2030 |  | 0 |
| Thereafter |  | 34,902 |
| Total | $ | 49,206 |

  

73

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PART II