Short-Term Borrowings and Credit Lines

6 Months Ended

Nov. 30, 2018

Debt Disclosure [Abstract]

Short-Term Borrowings and Credit Lines

Note 5 — Short-Term Borrowings and Credit Lines

As of November 30, 2018, the Company had no outstanding borrowings under its $2 billion commercial paper program. As of May 31, 2018, $325 million of commercial paper was outstanding at a weighted average interest rate of 1.77%. These borrowings are included within Notes payable on the Unaudited Condensed Consolidated Balance Sheets.

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.