NOTES PAYABLE AND OTHER BORROWINGS (Tables)

12 Months Ended

May 31, 2022

		May 31,
		2022				2021
(Amounts in millions)	Date of Issuance	Amount			Effective Interest Rate	Amount			Effective Interest Rate
Fixed-rate senior notes:
$1,500, 2.80%, due July 2021⁽¹⁾	July 2014	$	—		N.A	$	1,500		2.82%
$4,250, 1.90%, due September 2021	July 2016		—		N.A		4,250		1.94%
$2,500, 2.50%, due May 2022	May 2015		—		N.A		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⁽²⁾⁽³⁾	July 2013		803		3.17%		916		3.17%
$2,750, 1.65%, due March 2026	March 2021		2,750		1.66%		2,750		1.66%
$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	March 2021		2,000		2.34%		2,000		2.34%
$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	March 2021		3,250		2.89%		3,250		2.89%
$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	March 2021		2,250		3.70%		2,250		3.70%
$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	March 2021		3,250		3.96%		3,250		3.96%
$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	March 2021		1,500		4.11%		1,500		4.11%
Other borrowings due August 2025	November 2016		113		3.53%		113		3.53%
Total senior notes and other borrowings		$	76,166			$	84,529
Unamortized discount/issuance costs			(284	)			(315	)
Hedge accounting fair value adjustments⁽¹⁾⁽³⁾			(23	)			31
Total notes payable and other borrowings		$	75,859			$	84,245
Notes payable, current		$	3,749			$	8,250
Notes payable and other borrowings, non-current		$	72,110			$	75,995

⁽¹⁾

We entered into certain interest rate swap agreements that had the economic effects of modifying the fixed-interest obligations associated with the 2.80% senior notes that were outstanding as of May 31, 2021 and that were due and were settled in 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 was 0.87% for the July 2021 Notes as of May 31, 2021. 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, 2022 and May 31, 2021, respectively. The July 2025 Notes are registered and trade on the New York Stock Exchange.

⁽³⁾

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, 2022 and 2021 after consideration of the cross-currency interest rate swap agreements were 4.10% and 3.15%, respectively, for the July 2025 Notes. Refer to Note 1 for a description of our accounting for fair value hedges.

Future Principal Payments for all Borrowings

Fiscal 2023	$	3,750
Fiscal 2024		3,500
Fiscal 2025		10,000
Fiscal 2026		3,734
Fiscal 2027		5,250
Thereafter		50,000
Total	$	76,234