Before tax gains/(losses) on our financial instruments in hedging relationships are categorized as follows: Amount of Gain/(Loss) Recognized in OCI on Derivatives Years ended June 30 2022 2021 DERIVATIVES IN NET INVESTMENT HEDGING RELATIONSHIPS (1) (2) Foreign currency interest rate contracts $ 1,033 $ (232) (1) For the derivatives in net investment hedging relationships, the amount of gain excluded from effectiveness testing, which was recognized in earnings, was $73 and $60 for the fiscal years ended June 30, 2022 and 2021, respectively. (2) In addition to the foreign currency derivative contracts designated as net investment hedges, certain of our foreign currency denominated debt instruments are designated as net investment hedges. The amount of gain/(loss) recognized in AOCI for such instruments was $1,639 and $(918), for the fiscal years ended June 30, 2022 and 2021, respectively. Amount of Gain/(Loss) Recognized in Earnings Years ended June 30 2022 2021 DERIVATIVES IN FAIR VALUE HEDGING RELATIONSHIPS Interest rate contracts $ (450) $ (123) DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS Foreign currency contracts $ (149) $ 296 The gain/(loss) on the derivatives in fair value hedging relationships is fully offset by the mark - to - market impact of the related exposure. These are both recognized in the Consolidated Statement of Earnings in Interest Expense. The gain/(loss) on deriv atives not designated as hedging instruments is substantially offset by the currency mark - to - market of the related exposure. These are both recognized in the Consolidated Statements of Earnings in SG&A. NOTE 10 SHORT - TERM AND LONG - TERM DEBT As of June 30 2022 2021 DEBT DUE WITHIN ONE YEAR Current portion of long - term debt $ 3,647 $ 3,620 Commercial paper 4,805 5,171 Other 193 98 TOTAL $ 8,645 $ 8,889 Short - term weighted average interest rates (1) 0.8 % 0.2 % (1) Short - term weighted average interest rates include the effects of interest rate swaps discussed in Note 9. As of June 30 2022 2021 LONG - TERM DEBT 2.15% USD note due August 2022 $ 1,250 $ 1,250 2.00% EUR note due August 2022 1,045 1,190 3.10% USD note due August 2023 1,000 1,000 1.13% EUR note due November 2023 1,306 1,488 0.50% EUR note due October 2024 523 595 0.63% EUR note due October 2024 836 952 0.55% USD note due October 2025 1,000 1,000 2.70% USD note due February 2026 600 600 1.00% USD note due April 2026 1,000 1,000 2.45% USD note due November 2026 875 875 1.90% USD note due February 2027 1,000 — 2.80% USD note due March 2027 500 500 4.88% EUR note due May 2027 1,045 1,190 2.85% USD note due August 2027 750 750 1.20% EUR note due October 2028 836 952 1.25% EUR note due October 2029 523 595 3.00% USD note due March 2030 1,500 1,500 0.35% EUR note due May 2030 523 — 1.20% USD note due October 2030 1,250 1,250 1.95% USD note due April 2031 1,000 1,000 2.30% USD note due February 2032 850 — 5.55% USD note due March 2037 716 716 1.88% EUR note due October 2038 523 595 3.55% USD note due March 2040 516 516 0.90% EUR note due November 2041 627 — All other long - term debt 4,901 7,205 Current portion of long - term debt (3,647) (3,620) TOTAL $ 22,848 $ 23,099 Long - term weighted average interest rates (1) 2.2 % 2.0 % (1) Long - term weighted average interest rates include the effects of interest rate swaps discussed in Note 9. Long - term debt maturities during the next five fiscal years are as follows: Years ending June 30 2023 2024 2025 2026 2027 Debt maturities $3,647 $2,298 $1,879 $2,713 $3,686 Amounts in millions of dollars except per share amounts or as otherwise specified. 60 The Procter & Gamble Company