NOTE 12 — DEBT

Short-term Debt

As of June 30, 2017, we had $9.1 billion of commercial paper issued and outstanding, with a weighted-average interest rate of 1.01% and maturities ranging from 25 days to 264 days. As of June 30, 2016, we had $12.9 billion of commercial paper issued and outstanding, with a weighted-average interest rate of 0.43% and maturities ranging from 1 day to 99 days. The estimated fair value of this commercial paper approximates its carrying value.

We have two $5.0 billion credit facilities that expire on October 31, 2017 and November 14, 2018, respectively. These credit facilities serve as a back-up for our commercial paper program. As of June 30, 2017, we were in compliance with the only financial covenant in both credit agreements, which requires us to maintain a coverage ratio of at least three times earnings before interest, taxes, depreciation, and amortization to interest expense, as defined in the credit agreements. No amounts were drawn against these credit facilities during any of the periods presented.

Long-term Debt

As of June 30, 2017, the total carrying value and estimated fair value of our long-term debt, including the current portion, were $77.1 billion and $80.3 billion, respectively. As of June 30, 2016, the total carrying value and estimated fair value of our long-term debt were $40.6 billion and $44.0 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		Face Value		Stated Interest Rate	Effective Interest Rate


June 30,		2017		2016

Notes

November 15, 2017	$	600	$	600	0.875%	1.084%
May 1, 2018		450		450	1.000%	1.106%
November 3, 2018		1,750		1,750	1.300%	1.396%
December 6, 2018		1,250		1,250	1.625%	1.824%
June 1, 2019		1,000		1,000	4.200%	4.379%
August 8, 2019 ^(a)		2,500		*	1.100%	1.203%
November 1, 2019 ^(b)		18		*	0.500%	0.500%
February 6, 2020 ^(c)		1,500		*	1.850%	1.952%
February 12, 2020		1,500		1,500	1.850%	1.935%
October 1, 2020		1,000		1,000	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 ^(a)		2,750		*	1.550%	1.642%
December 6, 2021 ^(d)		1,996		1,944	2.125%	2.233%
February 6, 2022 ^(c)		1,750		*	2.400%	2.520%
February 12, 2022		1,500		1,500	2.375%	2.466%
November 3, 2022		1,000		1,000	2.650%	2.717%
November 15, 2022		750		750	2.125%	2.239%
May 1, 2023		1,000		1,000	2.375%	2.465%
August 8, 2023 ^(a)		1,500		*	2.000%	2.101%
December 15, 2023		1,500		1,500	3.625%	3.726%
February 6, 2024 ^(c)		2,250		*	2.875%	3.041%
February 12, 2025		2,250		2,250	2.700%	2.772%
November 3, 2025		3,000		3,000	3.125%	3.176%
August 8, 2026 ^(a)		4,000		*	2.400%	2.464%
February 6, 2027 ^(c)		4,000		*	3.300%	3.383%
December 6, 2028 ^(d)		1,996		1,944	3.125%	3.218%
May 2, 2033 ^(d)		627		611	2.625%	2.690%
February 12, 2035		1,500		1,500	3.500%	3.604%
November 3, 2035		1,000		1,000	4.200%	4.260%
August 8, 2036 ^(a)		2,250		*	3.450%	3.510%
February 6, 2037 ^(c)		2,500		*	4.100%	4.152%
June 1, 2039		750		750	5.200%	5.240%
October 1, 2040		1,000		1,000	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	4.450%	4.492%
August 8, 2046 ^(a)		4,500		*	3.700%	3.743%
February 6, 2047 ^(c)		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 ^(a)		2,250		*	3.950%	4.033%
February 6, 2057 ^(c)		2,000		*	4.500%	4.528%


Total	$	77,837	$	40,949

(a)	In August 2016, we issued $19.8 billion of debt securities.

(b)	Remaining notes that were acquired as part of the LinkedIn acquisition. See Note 9 – Business Combinations for further information.

(c)	In February 2017, we issued $17.0 billion of debt securities.

(d)	Euro-denominated debt securities.

*	Not applicable.

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. Cash paid for interest on our debt for fiscal years 2017, 2016, and 2015 was $1.6 billion, $1.1 billion, and $620 million, respectively. Effective July 1, 2016, we retrospectively adopted accounting guidance that requires debt issuance costs to be recorded as a deduction from the carrying amount of the debt liability, consistent with debt discounts. As of June 30, 2017 and 2016, the aggregate unamortized discount and debt issuance costs associated with our long-term debt, including the current portion, were $715 million and $392 million, respectively.

Maturities of our long-term debt for each of the next five years and thereafter are as follows:

(In millions)


Year Ending June 30,

2018	$	1,050
2019		4,000
2020		5,518
2021		3,750
2022		7,996
Thereafter		55,523


Total	$	77,837