DEBT

12 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

DEBT

DEBT

Short-term borrowings

Notes and loans payable are borrowings that mature in less than one year, primarily consisting of U.S. commercial paper issued by the Company and borrowings under the Company's revolving credit agreements. Notes and loans payable were $0 and $0 as of June 30, 2021 and 2020, respectively.

The Company had no material outstanding notes and loans payable during the fiscal year ended June 30, 2021. The weighted average interest rates incurred on average outstanding notes and loans payable during the fiscal years ended June 30, 2020 and 2019, including fees associated with the Company’s revolving credit agreements, were 2.49% and 2.98%, respectively.

Long-term borrowings

Long-term debt, carried at face value net of unamortized discounts, premiums and debt issuance costs, included the following as of June 30:

	2021		2020
Senior unsecured notes and debentures:
3.80%, $300 due November 2021	$	300	$	299
3.05%, $600 due September 2022	599		599
3.50%, $500 due December 2024	498		498
3.10%, $400 due October 2027	398		397
3.90%, $500 due May 2028	497		496
1.80%, $500 due May 2030	492		491
Total	2,784		2,780
Less: Current maturities of long-term debt	300		—
Long-term debt	$	2,484	$	2,780

In May 2020, the Company issued $500 of senior notes with an annual fixed interest rate of 1.80% and a maturity date of May 15, 2030 and used the proceeds to repay borrowings under the revolving Credit Agreement and for general corporate purposes. Interest on the notes is payable semi-annually in May and November. The notes carry an effective interest rate of 1.96%, which includes the impact of amortizing debt issuance costs and the gain on the related interest rate forward contracts over the life of the notes (See Note 9). The notes rank equally with all of the Company's existing senior indebtedness.

The weighted average interest rates incurred on average outstanding long-term debt during the fiscal years ended June 30, 2021, 2020 and 2019, were 3.49%, 3.75% and 3.81%, respectively. The weighted average effective interest rates on long-term debt balances as of both June 30, 2021 and 2020 were 3.49% and 3.48%, respectively.

Long-term debt maturities as of June 30, 2021, were $300, $600, $0, $500, $0, and $1,400 in fiscal years 2022, 2023, 2024, 2025, 2026, and thereafter, respectively.

Credit arrangements

In November 2019, the Company entered into a $1,200 revolving credit agreement (the Credit Agreement) that matures in November 2024. The Credit Agreement replaced a prior $1,100 revolving credit agreement in place since February 2017. The Company did not incur any fees or penalties in connection with terminating the prior agreement, which was considered a debt modification. The Company was in compliance with all restrictive covenants and limitations in the Credit Agreement as of June 30, 2021, and anticipates being in compliance with all restrictive covenants for the foreseeable future. The Company continues to monitor the financial markets and assess its ability to fully draw on its Credit Agreement, and currently expects that it will continue to have access to borrowing under the Credit Agreement. As of the fiscal years ended June 30, 2021 and 2020, there were no borrowings due under the Credit Agreement.

The Company’s borrowing capacity under the revolving credit agreements and other financing arrangements as of June 30 was as follows:

	2021		2020
Revolving credit facility	$	1,200	$	1,200
Foreign and other credit lines	35		38
Total	$	1,235	$	1,238

Of the $35 of foreign and other credit lines as of June 30, 2021, $5 was outstanding and the remainder of $30 was available for borrowing. Of the $38 of foreign and other credit lines as of June 30, 2020, $3 was outstanding and the remainder of $35 was available for borrowing.