XML 65 R54.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
NOTES PAYABLE AND OTHER BORROWINGS (Details)
€ in Millions, $ in Millions
12 Months Ended
May 31, 2024
USD ($)
May 31, 2024
EUR (€)
May 31, 2023
USD ($)
Jul. 10, 2013
EUR (€)
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 87,266      
Notes payable and other borrowings 87,202   $ 90,856  
Unamortized discount/issuance costs (302)   (323)  
Hedge accounting fair value adjustments [1] (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  
3.625% senior notes due July 2023 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,000      
Stated interest rate percentage 3.625% 3.625%    
Maturity date Jul. 23, 2023      
Date of issuance Jul. 16, 2013      
Notes payable and other borrowings $ 0   $ 1,000  
Effective interest rate     3.73%  
2.40% senior notes due September 2023 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,500      
Stated interest rate percentage 2.40% 2.40%    
Maturity date Sep. 15, 2023      
Date of issuance Jul. 07, 2016      
Notes payable and other borrowings $ 0   $ 2,500  
Effective interest rate     2.44%  
3.40% senior notes due July 2024 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,000      
Stated interest rate percentage 3.40% 3.40%    
Maturity date Jul. 08, 2024      
Date of issuance Jul. 08, 2014      
Notes payable and other borrowings $ 2,000   $ 2,000  
Effective interest rate 3.43% 3.43% 3.43%  
2.50% senior notes due April 2025 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,500      
Stated interest rate percentage 2.50% 2.50%    
Maturity date Apr. 01, 2025      
Date of issuance Apr. 01, 2020      
Notes payable and other borrowings $ 3,500   $ 3,500  
Effective interest rate 2.54% 2.54% 2.54%  
2.95% senior notes due May 2025 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,500      
Stated interest rate percentage 2.95% 2.95%    
Maturity date May 15, 2025      
Date of issuance May 05, 2015      
Notes payable and other borrowings $ 2,500   $ 2,500  
Effective interest rate 3.05% 3.05% 3.05%  
1.65% senior notes due March 2026 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,750      
Stated interest rate percentage 1.65% 1.65%    
Maturity date Mar. 25, 2026      
Date of issuance Mar. 31, 2021      
Notes payable and other borrowings $ 2,750   $ 2,750  
Effective interest rate 1.67% 1.67% 1.67%  
2.95% senior notes due November 2024 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,000      
Stated interest rate percentage 2.95% 2.95%    
Maturity date Nov. 15, 2024      
Date of issuance Nov. 09, 2017      
Notes payable and other borrowings $ 2,000   $ 2,000  
Effective interest rate 3.01% 3.01% 3.01%  
3.125% senior notes due July 2025 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value | €   € 750 [1],[2]   € 750
Stated interest rate percentage [1],[2] 3.125% 3.125%    
Maturity date [1],[2] Jul. 10, 2025      
Date of issuance [1],[2] Jul. 10, 2013      
Notes payable and other borrowings [1],[2] $ 808   $ 800  
Effective interest rate [1],[2] 3.17% 3.17% 3.17%  
5.80% senior notes due November 2025 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,000      
Stated interest rate percentage 5.80% 5.80%    
Maturity date Nov. 10, 2025      
Date of issuance Nov. 09, 2022      
Notes payable and other borrowings $ 1,000   $ 1,000  
Effective interest rate 5.93% 5.93% 5.93%  
2.65% senior notes due July 2026 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,000      
Stated interest rate percentage 2.65% 2.65%    
Maturity date Jul. 15, 2026      
Date of issuance Jul. 07, 2016      
Notes payable and other borrowings $ 3,000   $ 3,000  
Effective interest rate 2.73% 2.73% 2.73%  
2.80% senior notes due April 2027 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,250      
Stated interest rate percentage 2.80% 2.80%    
Maturity date Apr. 01, 2027      
Date of issuance Apr. 01, 2020      
Notes payable and other borrowings $ 2,250   $ 2,250  
Effective interest rate 2.87% 2.87% 2.87%  
4.65% senior notes due May 2030 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 750      
Stated interest rate percentage 4.65% 4.65%    
Maturity date May 31, 2030      
Date of issuance Feb. 06, 2023      
Notes payable and other borrowings $ 750   $ 750  
Effective interest rate 4.75% 4.75% 4.75%  
3.25% senior notes due May 2030 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 500      
Stated interest rate percentage 3.25% 3.25%    
Maturity date May 15, 2030      
Date of issuance May 05, 2015      
Notes payable and other borrowings $ 500   $ 500  
Effective interest rate 3.35% 3.35% 3.35%  
2.30% senior notes due March 2028 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,000      
Stated interest rate percentage 2.30% 2.30%    
Maturity date Mar. 25, 2028      
Date of issuance Mar. 31, 2021      
Notes payable and other borrowings $ 2,000   $ 2,000  
Effective interest rate 2.36% 2.36% 2.36%  
4.50% senior notes due May 2028 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 750      
Stated interest rate percentage 4.50% 4.50%    
Maturity date May 31, 2028      
Date of issuance Feb. 06, 2023      
Notes payable and other borrowings $ 750   $ 750  
Effective interest rate 4.60% 4.60% 4.60%  
6.15% senior notes due November 2029 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,250      
Stated interest rate percentage 6.15% 6.15%    
Maturity date Nov. 09, 2029      
Date of issuance Nov. 09, 2022      
Notes payable and other borrowings $ 1,250   $ 1,250  
Effective interest rate 6.21% 6.21% 6.21%  
6.25% senior notes due November 2032 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,250      
Stated interest rate percentage 6.25% 6.25%    
Maturity date Nov. 09, 2032      
Date of issuance Nov. 09, 2022      
Notes payable and other borrowings $ 2,250   $ 2,250  
Effective interest rate 6.32% 6.32% 6.32%  
4.90% senior notes due February 2033 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,500      
Stated interest rate percentage 4.90% 4.90%    
Maturity date Feb. 28, 2033      
Date of issuance Feb. 06, 2023      
Notes payable and other borrowings $ 1,500   $ 1,500  
Effective interest rate 4.95% 4.95% 4.95%  
4.30% senior notes due July 2034 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,750      
Stated interest rate percentage 4.30% 4.30%    
Maturity date Jul. 08, 2034      
Date of issuance Jul. 08, 2014      
Notes payable and other borrowings $ 1,750   $ 1,750  
Effective interest rate 4.30% 4.30% 4.30%  
3.25% senior notes due November 2027 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,750      
Stated interest rate percentage 3.25% 3.25%    
Maturity date Nov. 15, 2027      
Date of issuance Nov. 09, 2017      
Notes payable and other borrowings $ 2,750   $ 2,750  
Effective interest rate 3.29% 3.29% 3.29%  
2.95% senior notes due April 2030 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,250      
Stated interest rate percentage 2.95% 2.95%    
Maturity date Apr. 01, 2030      
Date of issuance Apr. 01, 2020      
Notes payable and other borrowings $ 3,250   $ 3,250  
Effective interest rate 3.00% 3.00% 3.00%  
3.90% senior notes due May 2035 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,250      
Stated interest rate percentage 3.90% 3.90%    
Maturity date May 15, 2035      
Date of issuance May 05, 2015      
Notes payable and other borrowings $ 1,250   $ 1,250  
Effective interest rate 4.00% 4.00% 4.00%  
3.85% senior notes due July 2036 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,250      
Stated interest rate percentage 3.85% 3.85%    
Maturity date Jul. 15, 2036      
Date of issuance Jul. 07, 2016      
Notes payable and other borrowings $ 1,250   $ 1,250  
Effective interest rate 3.89% 3.89% 3.89%  
2.875% senior notes due March 2031 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,250      
Stated interest rate percentage 2.875% 2.875%    
Maturity date Mar. 31, 2031      
Date of issuance Mar. 31, 2021      
Notes payable and other borrowings $ 3,250   $ 3,250  
Effective interest rate 2.92% 2.92% 2.92%  
6.50% senior notes due April 2038 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,250      
Stated interest rate percentage 6.50% 6.50%    
Maturity date Apr. 15, 2038      
Date of issuance Apr. 09, 2008      
Notes payable and other borrowings $ 1,250   $ 1,250  
Effective interest rate 6.51% 6.51% 6.51%  
6.125% senior notes due July 2039 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,250      
Stated interest rate percentage 6.125% 6.125%    
Maturity date Jul. 08, 2039      
Date of issuance Jul. 08, 2009      
Notes payable and other borrowings $ 1,250   $ 1,250  
Effective interest rate 6.17% 6.17% 6.17%  
5.375% senior notes due July 2040 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,250      
Stated interest rate percentage 5.375% 5.375%    
Maturity date Jul. 15, 2040      
Date of issuance Jul. 12, 2010      
Notes payable and other borrowings $ 2,250   $ 2,250  
Effective interest rate 5.45% 5.45% 5.45%  
3.80% senior notes due November 2037 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,750      
Stated interest rate percentage 3.80% 3.80%    
Maturity date Nov. 15, 2037      
Date of issuance Nov. 09, 2017      
Notes payable and other borrowings $ 1,750   $ 1,750  
Effective interest rate 3.86% 3.86% 3.86%  
4.50% senior notes due July 2044 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,000      
Stated interest rate percentage 4.50% 4.50%    
Maturity date Jul. 08, 2044      
Date of issuance Jul. 08, 2014      
Notes payable and other borrowings $ 1,000   $ 1,000  
Effective interest rate 4.50% 4.50% 4.50%  
4.125% senior notes due May 2045 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,000      
Stated interest rate percentage 4.125% 4.125%    
Maturity date May 15, 2045      
Date of issuance May 05, 2015      
Notes payable and other borrowings $ 2,000   $ 2,000  
Effective interest rate 4.20% 4.20% 4.20%  
4.00% senior notes due July 2046 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,000      
Stated interest rate percentage 4.00% 4.00%    
Maturity date Jul. 15, 2046      
Date of issuance Jul. 07, 2016      
Notes payable and other borrowings $ 3,000   $ 3,000  
Effective interest rate 4.03% 4.03% 4.03%  
3.60% senior notes due April 2040 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,000      
Stated interest rate percentage 3.60% 3.60%    
Maturity date Apr. 01, 2040      
Date of issuance Apr. 01, 2020      
Notes payable and other borrowings $ 3,000   $ 3,000  
Effective interest rate 3.64% 3.64% 3.64%  
4.375% senior notes due May 2055 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,250      
Stated interest rate percentage 4.375% 4.375%    
Maturity date May 15, 2055      
Date of issuance May 05, 2015      
Notes payable and other borrowings $ 1,250   $ 1,250  
Effective interest rate 4.44% 4.44% 4.44%  
3.65% senior notes due March 2041 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,250      
Stated interest rate percentage 3.65% 3.65%    
Maturity date Mar. 25, 2041      
Date of issuance Mar. 31, 2021      
Notes payable and other borrowings $ 2,250   $ 2,250  
Effective interest rate 3.72% 3.72% 3.72%  
4.00% senior notes due November 2047 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,250      
Stated interest rate percentage 4.00% 4.00%    
Maturity date Nov. 15, 2047      
Date of issuance Nov. 09, 2017      
Notes payable and other borrowings $ 2,250   $ 2,250  
Effective interest rate 4.05% 4.05% 4.05%  
3.60% senior notes due April 2050 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 4,500      
Stated interest rate percentage 3.60% 3.60%    
Maturity date Apr. 01, 2050      
Date of issuance Apr. 01, 2020      
Notes payable and other borrowings $ 4,500   $ 4,500  
Effective interest rate 3.64% 3.64% 3.64%  
3.85% senior notes due April 2060 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,500      
Stated interest rate percentage 3.85% 3.85%    
Maturity date Apr. 01, 2060      
Date of issuance Apr. 01, 2020      
Notes payable and other borrowings $ 3,500   $ 3,500  
Effective interest rate 3.89% 3.89% 3.89%  
3.95% senior notes due March 2051 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,250      
Stated interest rate percentage 3.95% 3.95%    
Maturity date Mar. 25, 2051      
Date of issuance Mar. 31, 2021      
Notes payable and other borrowings $ 3,250   $ 3,250  
Effective interest rate 3.98% 3.98% 3.98%  
6.90% senior notes due November 2052 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,500      
Stated interest rate percentage 6.90% 6.90%    
Maturity date Nov. 09, 2052      
Date of issuance Nov. 09, 2022      
Notes payable and other borrowings $ 2,500   $ 2,500  
Effective interest rate 6.94% 6.94% 6.94%  
5.55% senior notes due February 2053 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,250      
Stated interest rate percentage 5.55% 5.55%    
Maturity date Feb. 28, 2053      
Date of issuance Feb. 06, 2023      
Notes payable and other borrowings $ 2,250   $ 2,250  
Effective interest rate 5.62% 5.62% 5.62%  
4.10% senior notes due March 2061 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,500      
Stated interest rate percentage 4.10% 4.10%    
Maturity date Mar. 25, 2061      
Date of issuance Mar. 31, 2021      
Notes payable and other borrowings $ 1,500   $ 1,500  
Effective interest rate 4.13% 4.13% 4.13%  
Other borrowings due August 2025 [Member]        
Debt Instrument [Line Items]        
Maturity date Aug. 31, 2025      
Date of issuance Nov. 07, 2016      
Notes payable and other borrowings $ 113   $ 113  
Effective interest rate 3.53% 3.53% 3.53%  
$790, SOFR plus 1.70%, due August 2025 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value [3] $ 790      
Maturity date [3] Aug. 16, 2025      
Date of issuance [3] Aug. 16, 2022      
Notes payable and other borrowings [3] $ 790   $ 790  
Effective interest rate [3] 6.99% 6.99% 5.68%  
$790, SOFR plus 1.70%, due August 2025 [Member] | SOFR [Member]        
Debt Instrument [Line Items]        
Stated interest rate percentage [3] 1.70% 1.70%    
$170, SOFR plus 1.70%, due August 2025 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 170      
Maturity date Aug. 16, 2025      
Date of issuance Nov. 02, 2022      
Notes payable and other borrowings $ 170   $ 170  
Effective interest rate 6.98% 6.98% 6.16%  
$170, SOFR plus 1.70%, due August 2025 [Member] | SOFR [Member]        
Debt Instrument [Line Items]        
Stated interest rate percentage 1.70% 1.70%    
$3,570, SOFR plus 1.70%, due August 2027 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value [3] $ 3,570      
Maturity date [3] Aug. 16, 2027      
Date of issuance [3] Aug. 16, 2022      
Notes payable and other borrowings [3] $ 3,570   $ 3,570  
Effective interest rate [3] 6.99% 6.99% 5.68%  
$3,570, SOFR plus 1.70%, due August 2027 [Member] | SOFR [Member]        
Debt Instrument [Line Items]        
Stated interest rate percentage [3] 1.70% 1.70%    
$1,100, SOFR plus 1.70%, due August 2027 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,100      
Maturity date Aug. 16, 2027      
Date of issuance Nov. 02, 2022      
Notes payable and other borrowings $ 1,100   $ 1,100  
Effective interest rate 6.98% 6.98% 6.16%  
$1,100, SOFR plus 1.70%, due August 2027 [Member] | SOFR [Member]        
Debt Instrument [Line Items]        
Stated interest rate percentage 1.70% 1.70%    
Commercial Paper Notes [Member]        
Debt Instrument [Line Items]        
Notes payable and other borrowings $ 401   $ 563  
Effective interest rate 5.43% 5.43% 4.89%  
[1] 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.
[2] 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.
[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.