DEBT (Tables)

9 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt

These recently issued notes are summarized as follows:

Notes	Issue Date	Price		Yield		Unamortized Debt Discount		Debt Issuance Costs		Semi-annual interest payments
($ in millions)
2024 Senior Notes	November 2019	99.421	%	2.122	%	$	3	$	3	June 1/December 1
2029 Senior Notes (1)	November 2019	99.046		2.483		6		4		June 1/December 1
2049 Senior Notes	November 2019	98.769		3.189		8		7		June 1/December 1

______________________________________________

⁽¹⁾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.