NOTES PAYABLE AND OTHER BORROWINGS (Tables)

12 Months Ended

May 31, 2016

Notes Payable and Other Borrowings [Abstract]

Notes Payable and Other Borrowings

			May 31, 2016			May 31, 2015
(Dollars in millions)		Date of	Amount		Effective	Amount		Effective
					Interest			Interest
		Issuance			Rate			Rate
Revolving credit agreements:
$3,750, LIBOR plus 0.35%, due June 2016		May 2016	$	3,750	0.81%	$	—	N.A.
Floating-rate senior notes:
$1,000, three-month LIBOR plus 0.20%, due July 2017		July 2014		1,000	0.83%		1,000	0.47%
$500, three-month LIBOR plus 0.58%, due January 2019		July 2013		500	1.21%		500	0.86%
$750, three-month LIBOR plus 0.51%, due October 2019		July 2014		750	1.14%		750	0.78%
Fixed-rate senior notes:
$2,000, 5.25%, due January 2016		January 2006		—	N.A.		2,000	5.32%
$2,500, 1.20%, due October 2017		October 2012		2,500	1.24%		2,500	1.24%
$2,500, 5.75%, due April 2018		April 2008		2,500	5.76%		2,500	5.76%
$1,500, 2.375%, due January 2019	(1)	July 2013		1,500	2.44%		1,500	2.44%
$1,750, 5.00%, due July 2019		July 2009		1,750	5.05%		1,750	5.05%
$2,000, 2.25% due October 2019	(1)	July 2014		2,000	2.27%		2,000	2.27%
$1,000, 3.875%, due July 2020		July 2010		1,000	3.93%		1,000	3.93%
€1,250, 2.25%, due January 2021	(2) (3)	July 2013		1,394	2.33%		1,352	2.33%
$1,500, 2.80%, due July 2021	(1)	July 2014		1,500	2.82%		1,500	2.82%
$2,500, 2.50%, due May 2022		May 2015		2,500	2.56%		2,500	2.56%
$2,500, 2.50%, due October 2022		October 2012		2,500	2.51%		2,500	2.51%
$1,000, 3.625%, due July 2023		July 2013		1,000	3.73%		1,000	3.73%
$2,000, 3.40% due July 2024		July 2014		2,000	3.43%		2,000	3.43%
$2,500, 2.95%, due May 2025		May 2015		2,500	3.00%		2,500	3.00%
€750, 3.125%, due July 2025	(2) (4)	July 2013		836	3.17%		810	3.17%
$500, 3.25%, due May 2030		May 2015		500	3.30%		500	3.30%
$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	3.95%		1,250	3.95%
$1,250, 6.50%, due April 2038		April 2008		1,250	6.52%		1,250	6.52%
$1,250, 6.125%, due July 2039		July 2009		1,250	6.19%		1,250	6.19%
$2,250, 5.375%, due July 2040		July 2010		2,250	5.45%		2,250	5.45%
$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	4.15%		2,000	4.15%
$1,250, 4.375%, due May 2055		May 2015		1,250	4.40%		1,250	4.40%
Total senior notes and other borrowings			$	43,980		$	42,162
Unamortized discount/issuance costs				(247)			(278)
Hedge accounting fair value adjustments	(1)			122			74
Total notes payable and other borrowings			$	43,855		$	41,958
Notes payable and other borrowings, current			$	3,750		$	1,999
Notes payable, non-current			$	40,105		$	39,959

__________

(1)	We have entered into certain interest rate swap agreements that have the economic effects of modifying the fixed-interest obligations associated with the 2.375% senior notes due January 2019 (January 2019 Notes), the 2.25% senior notes due October 2019 (October 2019 Notes) and the 2.80% senior notes due July 2021 (July 2021 Notes) so that the interest payable on these notes effectively became variable based on LIBOR. The effective interest rates after consideration of these fixed to variable interest rate swap agreements were 1.28% and 0.93% for the January 2019 Notes, 1.11% and 0.76% for the October 2019 Notes, and 1.26% and 0.91% for the July 2021 Notes as of May 31, 2016 and 2015, respectively. Refer to Notes 1 and 11 for a description of our accounting for fair value hedges.
(2)	In July 2013, we issued €2.0 billion of fixed-rate senior notes comprised of €1.25 billion of 2.25% senior notes due January 2021 (January 2021 Notes) and €750 million of 3.125% senior notes due July 2025 (July 2025 Notes, and together with the January 2021 Notes, the Euro Notes). Principal and unamortized discount/issuance costs for the Euro Notes in the table above were calculated using foreign currency exchange rates as of May 31, 2016 and May 31, 2015, respectively. The Euro Notes are registered and trade on the New York Stock Exchange.
(3)	In connection with the issuance of the January 2021 Notes, we entered into certain cross-currency 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 fixed-rate, U.S. Dollar-denominated debt of $1.6 billion with a fixed annual interest rate of 3.53% (see Note 11 for additional information).
(4)	We designated the July 2025 Notes as a net investment hedge of our investments in certain of our international subsidiaries that use the Euro as their functional currency in order to reduce the volatility in stockholders’ equity caused by the changes in foreign currency exchange rates of the Euro with respect to the U.S. Dollar (see Note 11 for additional information).

Future Principal Payments for all Borrowings

Fiscal 2017	$	3,750
Fiscal 2018		6,000
Fiscal 2019		2,000
Fiscal 2020		4,500
Fiscal 2021		2,655
Thereafter		25,336
Total	$	44,241