NOTES PAYABLE AND OTHER BORROWINGS (Tables)

12 Months Ended

May 31, 2021

		May 31,
		2021				2020
(Dollars in millions)	Date of Issuance	Amount			Effective Interest Rate	Amount			Effective Interest Rate
Fixed-rate senior notes:
$1,000, 3.875%, due July 2020	July 2010	$	—		N.A.	$	1,000		3.93%
€1,250, 2.25%, due January 2021⁽¹⁾⁽²⁾	July 2013	$	—		N.A.	$	1,371		2.33%
$1,500, 2.80%, due July 2021⁽³⁾	July 2014	$	1,500		2.82%	$	1,500		2.82%
$4,250, 1.90%, due September 2021	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	November 2017	$	1,250		2.64%	$	1,250		2.64%
$1,000, 3.625%, due July 2023	July 2013	$	1,000		3.73%	$	1,000		3.73%
$2,500, 2.40%, due September 2023	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	November 2017	$	2,000		2.98%	$	2,000		2.98%
$3,500, 2.50%, due April 2025	April 2020	$	3,500		2.51%	$	3,500		2.51%
$2,500, 2.95%, due May 2025	May 2015	$	2,500		3.00%	$	2,500		3.00%
€750, 3.125%, due July 2025⁽¹⁾⁽⁴⁾	July 2013	$	916		3.17%	$	823		3.17%
$2,750, 1.65%, due March 2026⁽⁵⁾	March 2021	$	2,750		1.66%	$	—		N.A.
$3,000, 2.65%, due July 2026	July 2016	$	3,000		2.69%	$	3,000		2.69%
$2,250, 2.80%, due April 2027	April 2020	$	2,250		2.83%	$	2,250		2.83%
$2,750, 3.25%, due November 2027	November 2017	$	2,750		3.26%	$	2,750		3.26%
$2,000, 2.30%, due March 2028⁽⁵⁾	March 2021	$	2,000		2.34%	$	—		N.A.
$3,250, 2.95%, due April 2030	April 2020	$	3,250		2.96%	$	3,250		2.96%
$500, 3.25%, due May 2030	May 2015	$	500		3.30%	$	500		3.30%
$3,250, 2.875%, due March 2031⁽⁵⁾	March 2021	$	3,250		2.89%	$	—		N.A.
$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	July 2016	$	1,250		3.85%	$	1,250		3.85%
$1,750, 3.80%, due November 2037	November 2017	$	1,750		3.83%	$	1,750		3.83%
$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%
$3,000, 3.60%, due April 2040	April 2020	$	3,000		3.62%	$	3,000		3.62%
$2,250, 5.375%, due July 2040	July 2010	$	2,250		5.45%	$	2,250		5.45%
$2,250, 3.65%, due March 2041⁽⁵⁾	March 2021	$	2,250		3.70%	$	—		N.A.
$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	July 2016	$	3,000		4.00%	$	3,000		4.00%
$2,250, 4.00%, due November 2047	November 2017	$	2,250		4.03%	$	2,250		4.03%
$4,500, 3.60%, due April 2050	April 2020	$	4,500		3.62%	$	4,500		3.62%
$3,250, 3.95%, due March 2051⁽⁵⁾	March 2021	$	3,250		3.96%	$	—		N.A.
$1,250, 4.375%, due May 2055	May 2015	$	1,250		4.40%	$	1,250		4.40%
$3,500, 3.85%, due April 2060	April 2020	$	3,500		3.87%	$	3,500		3.87%
$1,500, 4.10%, due March 2061⁽⁵⁾	March 2021	$	1,500		4.11%	$	—		N.A.
Other borrowings:
Other borrowings due August 2025	November 2016	$	113		3.53%	$	113		3.53%
Total senior notes and other borrowings		$	84,529			$	71,807
Unamortized discount/issuance costs		$	(315	)		$	(285	)
Hedge accounting fair value adjustments⁽³⁾⁽⁴⁾		$	31			$	75
Total notes payable and other borrowings		$	84,245			$	71,597
Notes payable, current		$	8,250			$	2,371
Notes payable and other borrowings, non-current		$	75,995			$	69,226

⁽¹⁾

In July 2013, we issued €2.0 billion of fixed-rate senior notes comprised of €1.25 billion of 2.25% senior notes that were due and were settled in 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 applicable, as of May 31, 2021 and May 31, 2020, respectively. The July 2025 Notes are registered and trade on the New York Stock Exchange.

⁽²⁾	In connection with the issuance of the January 2021 Notes, we entered into certain cross-currency swap agreements, all of which were cash settled upon their maturity during fiscal 2021 (see Note 10 for additional information).

⁽³⁾

We entered into certain interest rate swap agreements that have the economic effects of modifying the fixed-interest obligations associated with 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 0.87% and 1.99%, respectively, for the July 2021 Notes as of May 31, 2021 and 2020, respectively. Refer to Notes 1 and 10 for a description of our accounting for fair value hedges associated with our July 2021 Notes.

⁽⁴⁾

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, 2021 and 2020 after consideration of the cross-currency interest rate swap agreements were 3.15% and 4.46%, respectively, for the July 2025 Notes. Refer to Notes 1 and 10 for a description of our accounting for fair value hedges.

⁽⁵⁾

In March 2021, we issued $15.0 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.

Future Principal Payments for all Borrowings

Fiscal 2022	$	8,250
Fiscal 2023		3,750
Fiscal 2024		3,500
Fiscal 2025		10,000
Fiscal 2026		3,734
Thereafter		55,250
Total	$	84,484