		May 31, 2018				May 31, 2017
(Dollars in millions)	Date of Issuance	Amount			Effective Interest Rate	Amount			Effective Interest Rate
Fixed-rate senior notes:
$2,500, 1.20%, due October 2017	October 2012	$ —			N.A.	$	2,500		1.24%
$2,500, 5.75%, due April 2018	April 2008	—			N.A.		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		1,446		2.33%		1,395		2.33%
$1,500, 2.80%, due July 2021⁽¹⁾	July 2014		1,500		2.82%		1,500		2.82%
$4,250, 1.90%, due September 2021⁽⁵⁾	July 2016		4,250		1.94%		4,250		1.94%
$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%
$1,250, 2.625%, due February 2023⁽⁶⁾	November 2017		1,250		2.64%		—		N.A.
$1,000, 3.625%, due July 2023	July 2013		1,000		3.73%		1,000		3.73%
$2,500, 2.40%, due September 2023⁽⁵⁾	July 2016		2,500		2.40%		2,500		2.40%
$2,000, 3.40%, due July 2024	July 2014		2,000		3.43%		2,000		3.43%
$2,000, 2.95%, due November 2024⁽⁶⁾	November 2017		2,000		2.98%		—		N.A.
$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		868		3.17%		837		3.17%
$3,000, 2.65%, due July 2026⁽⁵⁾	July 2016		3,000		2.69%		3,000		2.69%
$2,750, 3.25%, due November 2027⁽⁶⁾	November 2017		2,750		3.26%		—		N.A.
$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, 3.85%, due July 2036⁽⁵⁾	July 2016		1,250		3.85%		1,250		3.85%
$1,750, 3.80%, due November 2037⁽⁶⁾	November 2017		1,750		3.83%		—		N.A.
$1,250, 6.50%, due April 2038⁽¹⁾	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%
$3,000, 4.00%, due July 2046⁽⁵⁾	July 2016		3,000		4.00%		3,000		4.00%
$2,250, 4.00%, due November 2047⁽⁶⁾	November 2017		2,250		4.03%		—		N.A.
$1,250, 4.375%, due May 2055	May 2015		1,250		4.40%		1,250		4.40%
Floating-rate senior notes:
$1,000, three-month LIBOR plus 0.20%, due July 2017	July 2014		—		N.A.		1,000		1.35%
$500, three-month LIBOR plus 0.58%, due January 2019	July 2013		500		2.93%		500		1.74%
$750, three-month LIBOR plus 0.51%, due October 2019	July 2014		750		2.84%		750		1.67%
Revolving credit agreements and other borrowings:
$3,800, LIBOR plus 0.50%, due June 2017	May 2017		—		N.A.		3,800		1.54%
$2,500, LIBOR plus 0.50%, due June 2018	May 2018		2,500		2.48%		—		N.A.
Other borrowings due August 2025	November 2016		113		3.53%		113		3.53%
Total senior notes and other borrowings		$	60,927			$	58,145
Unamortized discount/issuance costs			(282	)			(276	)
Hedge accounting fair value adjustments⁽¹⁾			(26	)			40
Total notes payable and other borrowings		$	60,619			$	57,909
Notes payable and other borrowings, current		$	4,491			$	9,797
Notes payable and other borrowings, non-current		$	56,128			$	48,112

⁽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), the 2.80% senior notes due July 2021 (July 2021 Notes), and the 6.50% senior notes due April 2038 (April 2038 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 3.00% and 1.81%, respectively, for the January 2019 Notes, 2.81% and 1.64%, respectively, for the October 2019 Notes, and 2.96% and 1.79%, respectively, for the July 2021 Notes as of May 31, 2018 and 2017, respectively. The effective interest rate as of May 31, 2018 after consideration of the fixed to variable interest rate swap agreements was 5.65% for the April 2038 Notes. Refer to Notes 1 and 10 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, 2018 and May 31, 2017, 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 10 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 in connection with the issuance of the July 2025 Notes. In our fourth quarter of fiscal 2018 we de-designated the 2025 Notes as a net investment hedge and 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 $0.9 billion based on LIBOR. The effective interest rate as of May 31, 2018 after consideration of the cross-currency interest rate swap agreements was 5.17% for the July 2025 Notes. Refer to Notes 1 and 10 for a description of our accounting for fair value hedges.

⁽⁵⁾

In July 2016, we issued $14.0 billion of senior notes for general corporate purposes, which may include stock repurchases, payment of cash dividends on our common stock and repayment of indebtedness and future acquisitions. The interest is payable semi-annually. We may redeem some or all of the senior notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances.

⁽⁶⁾

In November 2017, we issued $10.0 billion of senior notes for general corporate purposes, which may include stock repurchases, payment of cash dividends on our common stock and repayment of indebtedness and future acquisitions. The interest is payable semi-annually. We may redeem some or all of the senior notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances.