Debt

12 Months Ended

Jun. 30, 2019



June 30,	2019			2018
Domestic:
Fixed rate medium-term notes, 3.30% to 6.25%, due 2023 - 2045	$	2,125,000		$	2,225,000
Senior Notes, 2.70% to 4.10%, due 2024 - 2049	3,675,000			1,300,000
Foreign:
Euro Senior Notes, 1.125%, due 2025	796,040			817,810
Euro Term loan, Libor plus 150 bps, due 2022	—			116,830
Other long-term debt	340			762
Deferred debt issuance costs	(75,321		)	(41,432		)
Total long-term debt	6,521,059			4,418,970
Less: Long-term debt payable within one year	228			100,411
Long-term debt, net	$	6,520,831		$	4,318,559

During 2019, the Company issued $575,000 aggregate principal amount of 2.70 percent Senior Notes due 2024, $1,000,000 aggregate principal amount of 3.25 percent Senior Notes due 2029, and $800,000 aggregate principal amount of 4.00 percent Senior Notes due 2049 (collectively, the "Senior Notes"). Interest payments are due semi-annually. The net proceeds received from the issuance of the Senior Notes are intended to finance a portion of the purchase price for the proposed acquisition of Lord. If either the acquisition of Lord does not occur on or before April 27, 2020, or if the Company notifies the trustee that it will not pursue the acquisition of Lord, the 2024 Senior Notes and the 2049 Senior Notes (collectively, the "SMR Notes") will be subject to a special mandatory redemption. The special mandatory redemption price will be equal to 101 percent of the aggregate principal amount of the SMR Notes, plus accrued and unpaid interest. If the acquisition of Lord does not occur, the net proceeds from the 2029 Senior Notes will be used for general corporate purposes.

During 2019, the Company also entered into a delayed-draw term loan with an aggregate principal amount of $800,000. The draw on the term loan is subject to the closing of the proposed acquisition of Lord, and the related proceeds will be used solely to finance a portion of the purchase price. The Company anticipates that the term loan will bear an interest rate of LIBOR plus 112.5 bps. Interest payments are due quarterly.

Debt issuance costs related to both the Senior Notes and delayed-draw term loan were approximately $39,322 and will be amortized over the respective debt terms.

Principal amounts of long-term debt payable in the five years ending June 30, 2020 through 2024 are $228, $32, $11, $300,006 and $575,006, respectively. The principal amounts of long-term debt payable exclude the impact of the amortization of debt issuance costs.

Lease Commitments - Future minimum rental commitments as of June 30, 2019, under non-cancelable operating leases, which expire at various dates, are as follows: 2020-$45,920; 2021-$31,115; 2022-$21,625; 2023-$13,228; 2024-$7,591 and after 2024-$22,723.

Rental expense in 2019, 2018 and 2017 was $126,752, $126,940 and $118,723, respectively.