DEBT

12 Months Ended

Jun. 30, 2025

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 was $4 as of both June 30, 2025 and 2024, respectively.

The weighted average interest rates incurred on average outstanding notes and loans payable during each of the fiscal years ended June 30, 2025, 2024 and 2023, including fees associated with the Company’s revolving credit agreements, were 4.50%, 4.77% and 3.48% 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:

	2025		2024
Senior unsecured notes and debentures:
3.10%, $400 due October 2027	$	399	$	399
3.90%, $500 due May 2028	499		498
4.40%, $500 due May 2029	496		495
1.80%, $500 due May 2030	496		495
4.60%, $600 due May 2032	594		594
Total	2,484		2,481
Less: Current maturities of long-term debt	—		—
Long-term debt	$	2,484	$	2,481

The weighted average interest rates incurred on average outstanding long-term debt during each of the fiscal years ended June 30, 2025, 2024 and 2023, was 3.25%. The weighted average effective interest rates on long-term debt balances as of both June 30, 2025 and 2024 was 3.25%.

Long-term debt maturities as of June 30, 2025, were $0 in fiscal years 2026 through 2027, $900 in fiscal year 2028, $500 in fiscal year 2029, $500 in fiscal year 2030 and $600 thereafter.

Credit arrangements

On March 25, 2025, the Company entered into a new $1,200 revolving credit agreement (the Credit Agreement) that matures in March 2030. The Credit Agreement replaced a prior $1,200 revolving credit agreement (the Prior Credit Agreement) in place since March 2022. The Company did not incur any termination fees or penalties in connection with entering the new agreement, which was considered a debt modification. There were no borrowings under either the Credit Agreement or the Prior Credit Agreement as of June 30, 2025 and 2024, respectively, and the Company believes that borrowings under the Credit Agreement will continue to be available for general corporate purposes. The Credit Agreement includes certain restrictive covenants and limitations consistent with the previous agreement, with which the Company was in compliance as of both June 30, 2025 and 2024.

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

	2025		2024
Revolving credit facility	$	1,200	$	1,200
Foreign and other credit lines	34		34
Total	$	1,234	$	1,234

Of the $34 of foreign and other credit lines as of June 30, 2025, $7 was outstanding and the remainder of $27 was available for borrowing. Of the $34 of foreign and other credit lines as of June 30, 2024, $9 was outstanding and the remainder of $25 was available for borrowing.