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 |
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PART II