Long-Term Debt (Tables)

12 Months Ended

May 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt, net of unamortized premiums, discounts and debt issuance costs, comprises the following: 

						BOOK VALUE OUTSTANDING AS OF MAY 31,
Scheduled Maturity (Dollars in millions)	ORIGINAL PRINCIPAL		INTEREST RATE		INTEREST PAYMENTS	2022		2021
Corporate Term Debt:(1)(2)
May 1, 2023	$	500	2.25	%	Semi-Annually	$	500	$	499
March 27, 2025	1,000		2.40	%	Semi-Annually	996		995
November 1, 2026	1,000		2.38	%	Semi-Annually	997		996
March 27, 2027	1,000		2.75	%	Semi-Annually	996		995
March 27, 2030	1,500		2.85	%	Semi-Annually	1,491		1,490
March 27, 2040	1,000		3.25	%	Semi-Annually	986		986
May 1, 2043	500		3.63	%	Semi-Annually	496		496
November 1, 2045	1,000		3.88	%	Semi-Annually	985		984
November 1, 2046	500		3.38	%	Semi-Annually	492		491
March 27, 2050	1,500		3.38	%	Semi-Annually	1,481		1,481
Total						9,420		9,413
Less Current Portion of Long-Term Debt						500		—
TOTAL LONG-TERM DEBT						$	8,920	$	9,413

(1)These senior unsecured obligations rank equally with the Company's other unsecured and unsubordinated indebtedness.

(2)The bonds are redeemable at the Company's option at a price equal to the greater of (i) 100% of the aggregate principal amount of the notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments, plus in each case, accrued and unpaid interest. However, the bonds also feature a par call provision, which allows for the bonds to be redeemed at a price equal to 100% of the aggregate principal amount of the notes being redeemed, plus accrued and unpaid interest on or after the Par Call Date, as defined in the respective notes.