(Dollars in millions)

May 31,

2011

May 31,

2010

Commercial paper notes

$—

$881

Short-term borrowings (effective interest rate of 0.44%)

1,150

—

5.00% senior notes due January 15, 2011, net of discount of $1 as of May 31, 2010

—

2,249

4.95% senior notes due April 15, 2013

1,250

3.75% senior notes due July 8, 2014, net of fair value adjustment of $69 and $33 as of May 31, 2011 and 2010, respectively (1)

1,569

1,533

5.25% senior notes due January 15, 2016, net of discount of $5 and $6 as of May 31, 2011 and 2010, respectively

1,995

1,994

5.75% senior notes due April 15, 2018, net of discount of $1 each as of May 31, 2011 and 2010

2,499

5.00% senior notes due July 8, 2019, net of discount of $5 and $6 as of May 31, 2011 and 2010, respectively

1,745

1,744

3.875% senior notes due July 15, 2020, net of discount of $2 as of May 31, 2011

998

—

6.50% senior notes due April 15, 2038, net of discount of $2 each as of May 31, 2011 and 2010

1,248

6.125% senior notes due July 8, 2039, net of discount of $8 each as of May 31, 2011 and 2010

1,242

5.375% senior notes due July 15, 2040, net of discount of $25 as of May 31, 2011

2,225

—

Capital leases

1

15

Total borrowings

$ 15,922

$14,655

Notes payable, current and other current borrowings

$ 1,150

$3,145

Notes payable, non-current and other non-current borrowings

$ 14,772

$11,510