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DEBT
 3 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
DEBT

NOTE 9 — DEBT

The components of debt were as follows:

 

(In millions, issuance by calendar year)

 

Maturities

(calendar year)

 

Stated Interest

Rate

 

 

Effective Interest

Rate

 

 

September 30,

2019

 

 

June 30,

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2009 issuance of $3.8 billion

 

 

 

 

2039

 

 

 

 

5.20%

 

 

 

 

5.24%

 

 

$

750

 

 

$

750

 

2010 issuance of $4.8 billion

 

 

2020

–

2040

 

 

3.00%

–

4.50%

 

 

3.14%

–

4.57%

 

 

 

2,000

 

 

 

2,000

 

2011 issuance of $2.3 billion

 

 

2021

–

2041

 

 

4.00%

–

5.30%

 

 

4.08%

–

5.36%

 

 

 

1,500

 

 

 

1,500

 

2012 issuance of $2.3 billion

 

 

2022

–

2042

 

 

2.13%

–

3.50%

 

 

2.24%

–

3.57%

 

 

 

1,650

 

 

 

1,650

 

2013 issuance of $5.2 billion

 

 

2023

–

2043

 

 

2.38%

–

4.88%

 

 

2.47%

–

4.92%

 

 

 

3,500

 

 

 

3,500

 

2013 issuance of €4.1 billion

 

 

2021

–

2033

 

 

2.13%

–

3.13%

 

 

2.23%

–

3.22%

 

 

 

4,416

 

 

 

4,613

 

2014 issuance (a)

 

 

 

 

2019

 

 

 

 

0.50%

 

 

 

 

0.50%

 

 

 

18

 

 

 

18

 

2015 issuance of $23.8 billion

 

 

2020

–

2055

 

 

1.85%

–

4.75%

 

 

1.93%

–

4.78%

 

 

 

22,000

 

 

 

22,000

 

2016 issuance of $19.8 billion

 

 

2021

–

2056

 

 

1.55%

–

3.95%

 

 

1.64%

–

4.03%

 

 

 

17,250

 

 

 

19,750

 

2017 issuance of $17.0 billion

 

 

2020

–

2057

 

 

1.85%

–

4.50%

 

 

1.95%

–

4.53%

 

 

 

17,000

 

 

 

17,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total face value

 

 

 

 

 

 

 

 

 

 

 

 

70,084

 

 

 

72,781

 

Unamortized discount and issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

(590

)

 

 

(603

)

Hedge fair value adjustments (b)

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total debt

 

 

 

 

 

 

 

 

 

 

 

 

69,495

 

 

 

72,178

 

Current portion of long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

(3,017

)

 

 

(5,516

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

 

 

 

 

 

 

 

 

 

$

66,478

 

 

$

66,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Convertible senior notes issued by LinkedIn, substantially all of which were redeemed after our acquisition of LinkedIn. The remaining notes are not redeemable.

(b)

Refer to Note 5 – Derivatives for further information on the interest rate swaps related to fixed-rate debt.

As of September 30, 2019 and June 30, 2019, the estimated fair value of long-term debt, including the current portion, was $78.2 billion and $78.9 billion, respectively. The estimated fair values are based on Level 2 inputs.

Debt in the table above is comprised of senior unsecured obligations and ranks equally with our other outstanding obligations. Interest is paid semi-annually, except for the Euro-denominated debt, which is paid annually.

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

 

(In millions)

 

September 30,

2019

 

 

 

 

 

 

 

 

 

 

 

Year Ending June 30,

 

 

 

 

 

 

 

 

 

2020 (excluding the three months ended September 30, 2019)

 

$

3,018

 

2021

 

 

3,750

 

2022

 

 

7,908

 

2023

 

 

2,750

 

2024

 

 

5,250

 

Thereafter

 

 

47,408

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

70,084