Fair value of notes issued

  
Note 10. Debt  
The Company issued three series of fixed-rate notes with staggered maturities of 7 and 10-years totaling $3.0 billion (collectively the “Notes”). The Notes are senior unsecured obligations, and interest is payable in arrears, semi-annually.  
The principal amounts and associated effective interest rates of the Notes and other debt as of September 30, 2022 and June 30, 2022, are as follows: 

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Debt instrument |  | Effective Interest Rate |  | September 30, 2022 |  | June 30, 2022 |
|  |  |  |  |  |  |  |
| Fixed-rate 3.375% notes due September 15, 2025 |  | 3.47% |  | $ | 1,000.0  |  |  | $ | 1,000.0  |  |
| Fixed-rate 1.250% notes due September 1, 2030 |  | 1.83% |  | 1,000.0  |  |  | 1,000.0  |  |
| Fixed-rate 1.700% notes due May 15, 2028 |  | 1.85% |  | 1,000.0  |  |  | 1,000.0  |  |
| Other |  |  |  | 6.3  |  |  | 6.0  |  |
|  |  |  |  | 3,006.3  |  |  | 3,006.0  |  |
| Less: current portion (a) |  |  |  | (1.7) |  |  | (1.2) |  |
| Less: unamortized discount and debt issuance costs |  |  |  | (17.0) |  |  | (17.7) |  |
| Total long-term debt |  |  |  | $ | 2,987.6  |  |  | $ | 2,987.1  |  |

(a) - Current portion of long-term debt as of September 30, 2022 is included within Accrued expenses and other current liabilities on the Consolidated Balance Sheets.  
The effective interest rates for the Notes include the interest on the Notes and amortization of the discount and debt issuance costs.   
As of September 30, 2022, the fair value of the Notes, based on Level 2 inputs, was $2,594.9 million. For a description of the fair value hierarchy and the Company's fair value methodologies, including the use of an independent third-party pricing service, see Note 1 “Summary of Significant Accounting Policies” in the Company's Annual Report on Form 10-K for fiscal 2022.   
Note 11. Employee Benefit Plans  
A.  Stock-based Compensation Plans. Stock-based compensation consists of the following:  
The Company's share-based compensation consists of stock options, time-based restricted stock, time-based restricted stock units, performance-based restricted stock, and performance-based restricted stock units. The Company also offers an employee stock purchase plan for eligible employees. Beginning in September 2022, the Company discontinued granting stock options, time-based restricted stock and performance-based restricted stock. Any such future awards will be grants of time-based restricted stock units and/or performance-based restricted stock units, depending on employee eligibility. Time-based restricted stock unit awards and performance-based restricted stock unit awards granted to employees with a home country of the United States are settled in stock, and for awards granted to employees with a home country outside the United States are generally settled in cash.  
  
•Restricted Stock.•Time-Based Restricted Stock Units. Time-based restricted stock units generally vest ratably over 3 years. Awards are generally forfeited if the employee ceases to be employed by the Company prior to vesting.   
Time-based restricted stock unit awards granted to employees with a home country of the United States are settled in stock and cannot be transferred during the vesting period. Time-based restricted stock unit awards granted to employees with a home country outside the United States are generally settled in cash and cannot be transferred during the vesting period. Compensation expense relating to the issuance of share-settled units is measured based on the fair value of the award on the grant date and recognized on a straight-line basis over the vesting period. Compensation expense relating to the issuance of cash-settled units is recorded over the vesting period and is initially based on the fair value of the award on the grant date and is subsequently 16
