Short-Term Borrowings and Credit Lines

6 Months Ended

Nov. 30, 2017

Debt Disclosure [Abstract]

Short-Term Borrowings and Credit Lines

Note 5 — Short-Term Borrowings and Credit Lines

As of November 30, 2017, the Company had $1,224 million of outstanding borrowings under its $2 billion commercial paper program at a weighted average interest rate of 1.21%. As of May 31, 2017, $325 million of commercial paper was outstanding at a weighted average interest rate of 0.86%. These borrowings are included within Notes payable.

Due to the short-term nature of the borrowings, the carrying amounts reflected on the Unaudited Condensed Consolidated Balance Sheets for Notes payable approximate fair value.