DEBT |
NOTE 10 — DEBT
Short-term Debt
As of September 30, 2018 and June 30, 2018, we had no commercial paper issued or outstanding. Effective August 31, 2018, we terminated our credit facilities, which served as back-up for our commercial paper program.
Long-term Debt
As of September 30, 2018, the total carrying value and estimated fair value of our long-term debt, including the current portion, were $76.2 billion and $77.1 billion, respectively. As of June 30, 2018, the total carrying value and estimated fair value of our long-term debt, including the current portion, were $76.2 billion and $77.5 billion, respectively. These estimated fair values are based on Level 2 inputs.
The components of our long-term debt, including the current portion, and the associated interest rates were as follows:
(In millions, except interest rates) |
|
Face Value
September 30,
2018 |
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Face Value
June 30,
2018 |
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|
Stated
Interest
Rate |
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Effective
Interest
Rate |
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Notes |
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November 3, 2018 |
|
$ |
1,750 |
|
|
$ |
1,750 |
|
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1.300% |
|
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|
1.396% |
|
December 6, 2018 |
|
|
1,250 |
|
|
|
1,250 |
|
|
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1.625% |
|
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|
1.824% |
|
June 1, 2019 |
|
|
1,000 |
|
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|
1,000 |
|
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4.200% |
|
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4.379% |
|
August 8, 2019 |
|
|
2,500 |
|
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|
2,500 |
|
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1.100% |
|
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1.203% |
|
November 1, 2019 |
|
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18 |
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|
18 |
|
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0.500% |
|
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|
0.500% |
|
February 6, 2020 |
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|
1,500 |
|
|
|
1,500 |
|
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1.850% |
|
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|
1.952% |
|
February 12, 2020 |
|
|
1,500 |
|
|
|
1,500 |
|
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1.850% |
|
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|
1.935% |
|
October 1, 2020 |
|
|
1,000 |
|
|
|
1,000 |
|
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3.000% |
|
|
|
3.137% |
|
November 3, 2020 |
|
|
2,250 |
|
|
|
2,250 |
|
|
|
2.000% |
|
|
|
2.093% |
|
February 8, 2021 |
|
|
500 |
|
|
|
500 |
|
|
|
4.000% |
|
|
|
4.082% |
|
August 8, 2021 |
|
|
2,750 |
|
|
|
2,750 |
|
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|
1.550% |
|
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|
1.642% |
|
December 6, 2021 (a) |
|
|
2,034 |
|
|
|
2,044 |
|
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2.125% |
|
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|
2.233% |
|
February 6, 2022 |
|
|
1,750 |
|
|
|
1,750 |
|
|
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2.400% |
|
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|
2.520% |
|
February 12, 2022 |
|
|
1,500 |
|
|
|
1,500 |
|
|
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2.375% |
|
|
|
2.466% |
|
November 3, 2022 |
|
|
1,000 |
|
|
|
1,000 |
|
|
|
2.650% |
|
|
|
2.717% |
|
November 15, 2022 |
|
|
750 |
|
|
|
750 |
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|
|
2.125% |
|
|
|
2.239% |
|
May 1, 2023 |
|
|
1,000 |
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|
1,000 |
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2.375% |
|
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|
2.465% |
|
August 8, 2023 |
|
|
1,500 |
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|
1,500 |
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2.000% |
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|
2.101% |
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December 15, 2023 |
|
|
1,500 |
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|
1,500 |
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3.625% |
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3.726% |
|
February 6, 2024 |
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|
2,250 |
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|
2,250 |
|
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2.875% |
|
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|
3.041% |
|
February 12, 2025 |
|
|
2,250 |
|
|
|
2,250 |
|
|
|
2.700% |
|
|
|
2.772% |
|
November 3, 2025 |
|
|
3,000 |
|
|
|
3,000 |
|
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3.125% |
|
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|
3.176% |
|
August 8, 2026 |
|
|
4,000 |
|
|
|
4,000 |
|
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2.400% |
|
|
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2.464% |
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February 6, 2027 |
|
|
4,000 |
|
|
|
4,000 |
|
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3.300% |
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|
3.383% |
|
December 6, 2028 (a) |
|
|
2,034 |
|
|
|
2,044 |
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3.125% |
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3.218% |
|
May 2, 2033 (a) |
|
|
639 |
|
|
|
642 |
|
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2.625% |
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2.690% |
|
February 12, 2035 |
|
|
1,500 |
|
|
|
1,500 |
|
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3.500% |
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3.604% |
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November 3, 2035 |
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|
1,000 |
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|
1,000 |
|
|
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4.200% |
|
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|
4.260% |
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August 8, 2036 |
|
|
2,250 |
|
|
|
2,250 |
|
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3.450% |
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3.510% |
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February 6, 2037 |
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2,500 |
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|
2,500 |
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4.100% |
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|
4.152% |
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June 1, 2039 |
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|
750 |
|
|
|
750 |
|
|
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5.200% |
|
|
|
5.240% |
|
October 1, 2040 |
|
|
1,000 |
|
|
|
1,000 |
|
|
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4.500% |
|
|
|
4.567% |
|
February 8, 2041 |
|
|
1,000 |
|
|
|
1,000 |
|
|
|
5.300% |
|
|
|
5.361% |
|
November 15, 2042 |
|
|
900 |
|
|
|
900 |
|
|
|
3.500% |
|
|
|
3.571% |
|
May 1, 2043 |
|
|
500 |
|
|
|
500 |
|
|
|
3.750% |
|
|
|
3.829% |
|
December 15, 2043 |
|
|
500 |
|
|
|
500 |
|
|
|
4.875% |
|
|
|
4.918% |
|
February 12, 2045 |
|
|
1,750 |
|
|
|
1,750 |
|
|
|
3.750% |
|
|
|
3.800% |
|
November 3, 2045 |
|
|
3,000 |
|
|
|
3,000 |
|
|
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4.450% |
|
|
|
4.492% |
|
August 8, 2046 |
|
|
4,500 |
|
|
|
4,500 |
|
|
|
3.700% |
|
|
|
3.743% |
|
February 6, 2047 |
|
|
3,000 |
|
|
|
3,000 |
|
|
|
4.250% |
|
|
|
4.287% |
|
February 12, 2055 |
|
|
2,250 |
|
|
|
2,250 |
|
|
|
4.000% |
|
|
|
4.063% |
|
November 3, 2055 |
|
|
1,000 |
|
|
|
1,000 |
|
|
|
4.750% |
|
|
|
4.782% |
|
August 8, 2056 |
|
|
2,250 |
|
|
|
2,250 |
|
|
|
3.950% |
|
|
|
4.033% |
|
February 6, 2057 |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
4.500% |
|
|
|
4.528% |
|
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Total |
|
$ |
76,875 |
|
|
$ |
76,898 |
|
|
|
|
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(a) |
Euro-denominated debt securities. |
The notes in the table above are senior unsecured obligations and rank equally with our other senior unsecured debt outstanding. Interest on these notes is paid semi-annually, except for the euro-denominated debt securities on which interest is paid annually. As of September 30, 2018 and June 30, 2018, the aggregate debt issuance costs and unamortized discount associated with our long-term debt, including the current portion, were $645 million and $658 million, respectively.
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