NOTES PAYABLE AND OTHER BORROWINGS (Tables)

12 Months Ended

May 31, 2024

Debt Disclosure [Abstract]

Notes Payable and Other Borrowings

		May 31,
		2024				2023
(Amounts in millions)	Date of Issuance	Amount			Effective Interest Rate	Amount			Effective Interest Rate
Fixed-rate senior notes:
$1,000, 3.625%, due July 2023	July 2013	$	—		N.A.	$	1,000		3.73%
$2,500, 2.40%, due September 2023	July 2016		—		N.A.		2,500		2.44%
$2,000, 3.40%, due July 2024	July 2014		2,000		3.43%		2,000		3.43%
$2,000, 2.95%, due November 2024	November 2017		2,000		3.01%		2,000		3.01%
$3,500, 2.50%, due April 2025	April 2020		3,500		2.54%		3,500		2.54%
$2,500, 2.95%, due May 2025	May 2015		2,500		3.05%		2,500		3.05%
€750, 3.125%, due July 2025(1)(2)	July 2013		808		3.17%		800		3.17%
$1,000, 5.80%, due November 2025	November 2022		1,000		5.93%		1,000		5.93%
$2,750, 1.65%, due March 2026	March 2021		2,750		1.67%		2,750		1.67%
$3,000, 2.65%, due July 2026	July 2016		3,000		2.73%		3,000		2.73%
$2,250, 2.80%, due April 2027	April 2020		2,250		2.87%		2,250		2.87%
$2,750, 3.25%, due November 2027	November 2017		2,750		3.29%		2,750		3.29%
$2,000, 2.30%, due March 2028	March 2021		2,000		2.36%		2,000		2.36%
$750, 4.50%, due May 2028	February 2023		750		4.60%		750		4.60%
$1,250, 6.15%, due November 2029	November 2022		1,250		6.21%		1,250		6.21%
$3,250, 2.95%, due April 2030	April 2020		3,250		3.00%		3,250		3.00%
$750, 4.65%, due May 2030	February 2023		750		4.75%		750		4.75%
$500, 3.25%, due May 2030	May 2015		500		3.35%		500		3.35%
$3,250, 2.875%, due March 2031	March 2021		3,250		2.92%		3,250		2.92%
$2,250, 6.25%, due November 2032	November 2022		2,250		6.32%		2,250		6.32%
$1,500, 4.90%, due February 2033	February 2023		1,500		4.95%		1,500		4.95%
$1,750, 4.30%, due July 2034	July 2014		1,750		4.30%		1,750		4.30%
$1,250, 3.90%, due May 2035	May 2015		1,250		4.00%		1,250		4.00%
$1,250, 3.85%, due July 2036	July 2016		1,250		3.89%		1,250		3.89%
$1,750, 3.80%, due November 2037	November 2017		1,750		3.86%		1,750		3.86%
$1,250, 6.50%, due April 2038	April 2008		1,250		6.51%		1,250		6.51%
$1,250, 6.125%, due July 2039	July 2009		1,250		6.17%		1,250		6.17%
$3,000, 3.60%, due April 2040	April 2020		3,000		3.64%		3,000		3.64%
$2,250, 5.375%, due July 2040	July 2010		2,250		5.45%		2,250		5.45%
$2,250, 3.65%, due March 2041	March 2021		2,250		3.72%		2,250		3.72%
$1,000, 4.50%, due July 2044	July 2014		1,000		4.50%		1,000		4.50%
$2,000, 4.125%, due May 2045	May 2015		2,000		4.20%		2,000		4.20%
$3,000, 4.00%, due July 2046	July 2016		3,000		4.03%		3,000		4.03%
$2,250, 4.00%, due November 2047	November 2017		2,250		4.05%		2,250		4.05%
$4,500, 3.60%, due April 2050	April 2020		4,500		3.64%		4,500		3.64%
$3,250, 3.95%, due March 2051	March 2021		3,250		3.98%		3,250		3.98%
$2,500, 6.90%, due November 2052	November 2022		2,500		6.94%		2,500		6.94%
$2,250, 5.55%, due February 2053	February 2023		2,250		5.62%		2,250		5.62%
$1,250, 4.375%, due May 2055	May 2015		1,250		4.44%		1,250		4.44%
$3,500, 3.85%, due April 2060	April 2020		3,500		3.89%		3,500		3.89%
$1,500, 4.10%, due March 2061	March 2021		1,500		4.13%		1,500		4.13%
Term loan credit agreement and other borrowings:
$790, SOFR plus 1.70%, due August 2025(3)	August 2022		790		6.99%		790		5.68%
$170, SOFR plus 1.70%, due August 2025	November 2022		170		6.98%		170		6.16%
$3,570, SOFR plus 1.70%, due August 2027(3)	August 2022		3,570		6.99%		3,570		5.68%
$1,100, SOFR plus 1.70%, due August 2027	November 2022		1,100		6.98%		1,100		6.16%
Commercial paper notes			401		5.43%		563		4.89%
Other borrowings due August 2025	November 2016		113		3.53%		113		3.53%
Total senior notes and other borrowings		$	87,202			$	90,856
Unamortized discount/issuance costs			(302	)			(323	)
Hedge accounting fair value adjustments(2)			(31	)			(52	)
Total notes payable and other borrowings		$	86,869			$	90,481
Notes payable and other borrowings, current		$	10,605			$	4,061
Notes payable and other borrowings, non-current		$	76,264			$	86,420

(1)In July 2013, we issued €750 million of 3.125% senior notes due July 2025 (July 2025 Notes). Principal and unamortized discount/issuance costs for the July 2025 Notes in the table above were calculated using foreign currency exchange rates, as applicable, as of May 31, 2024 and May 31, 2023, respectively. The July 2025 Notes are registered and trade on the New York Stock Exchange.

(2)In fiscal 2018 we entered into certain cross-currency interest rate swap agreements that have the economic effect of converting our fixed-rate, Euro-denominated debt, including annual interest payments and the payment of principal at maturity, to a variable-rate, U.S. Dollar-denominated debt of $871 million based on LIBOR. The effective interest rates as of May 31, 2024 and 2023 after consideration of the cross-currency interest rate swap agreements were 8.76% and 8.36%, respectively, for the July 2025 Notes. Refer to Note 1 for a description of our accounting for fair value hedges.

(3)In fiscal 2023, we entered into certain interest rate swap agreements that have the economic effect of converting our floating-rate borrowings to fixed-rate borrowings with a fixed annual interest rate of 3.07%, plus a margin depending on the credit rating assigned to our long-term senior unsecured debt, as further discussed below. The effective interest rates after consideration of the interest rate swap agreements were 4.74% for each of fiscal 2024 and 2023. Refer to Note 1 for a description of our accounting for cash flow hedges.

Future Principal Payments for all Borrowings

Fiscal 2025	$	10,612
Fiscal 2026		5,016
Fiscal 2027		5,743
Fiscal 2028		10,145
Fiscal 2029		—
Thereafter		55,750
Total	$	87,266