Notes to Financial Statements
NOTE 10 — DEBT
Short-term Debt
As of December 31, 2023, we had $27.0 billion of commercial paper issued and outstanding, with a weighted average interest rate of 5.5% and maturities ranging from 33 days to 216 days. The estimated fair value of this commercial paper approximates its carrying value. As of June 30, 2023, we had no commercial paper issued or outstanding.
Long-term Debt
The components of long-term debt were as follows:
(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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December 31, 2023 |
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June 30, 2023 |
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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% |
|
|
|
314 |
|
|
|
1,814 |
|
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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2,541 |
|
|
|
2,509 |
|
2015 issuance of $23.8 billion |
|
|
2025 |
– |
2055 |
|
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2.70% |
– |
4.75% |
|
|
2.77% |
– |
4.78% |
|
|
|
9,805 |
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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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9,430 |
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2017 issuance of $17.1 billion (a) |
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2024 |
– |
2057 |
|
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2.88% |
– |
4.50% |
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3.04% |
– |
5.49% |
|
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9,083 |
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|
8,945 |
|
2020 issuance of $10.1 billion (a) |
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|
2030 |
– |
2060 |
|
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1.35% |
– |
2.68% |
|
|
2.53% |
– |
5.43% |
|
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10,111 |
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|
10,000 |
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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 $3.4 billion (a) |
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2026 |
– |
2050 |
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1.35% |
– |
4.50% |
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5.16% |
– |
5.49% |
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3,401 |
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0 |
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Total face value |
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53,548 |
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52,866 |
|
Unamortized discount and issuance costs |
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(1,264 |
) |
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(438 |
) |
Hedge fair value adjustments (b) |
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(75 |
) |
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(106 |
) |
Premium on debt exchange |
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(5,031 |
) |
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(5,085 |
) |
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Total debt |
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47,178 |
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47,237 |
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Current portion of long-term debt |
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(2,250 |
) |
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(5,247 |
) |
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Long-term debt |
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$ |
44,928 |
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$ |
41,990 |
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As of December 31, 2023 and June 30, 2023, the estimated fair value of long-term debt, including the current portion, was $46.6 billion and $46.2 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.
The following table outlines maturities of our long-term debt, including the current portion, as of December 31, 2023:
(In millions) |
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Year Ending June 30, |
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|
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2024 (excluding the six months ended December 31, 2023) |
|
$ |
2,250 |
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2025 |
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|
2,250 |
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2026 |
|
|
3,000 |
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2027 |
|
|
9,250 |
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2028 |
|
|
0 |
|
Thereafter |
|
|
36,798 |
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|
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Total |
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$ |
53,548 |
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