v3.19.2
NOTES PAYABLE AND OTHER BORROWINGS (Details)
€ in Millions, $ in Millions
 12 Months Ended
May 31, 2019
USD ($)
May 31, 2017
USD ($)
May 31, 2019
EUR (€)
May 31, 2018
USD ($)
Jul. 10, 2013
EUR (€)
Notes Payable Other Borrowings [Line Items]          
Notes payable and other borrowings $ 56,342     $ 60,927  
Unamortized discount/issuance costs (202)     (282)  
Hedge accounting fair value adjustments [1],[2] 27     (26)  
Total notes payable and other borrowings 56,167     60,619  
Notes payable and other borrowings, current 4,494     4,491  
Notes payable and other borrowings, non-current 51,673     56,128  
Senior notes and other borrowings, par value $ 56,615       € 2,000
2.375% senior notes due January 2019 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance [2] Jul. 16, 2013        
Notes payable and other borrowings [2] $ 0     $ 1,500  
Effective interest rate [2]       2.44%  
Senior notes and other borrowings, par value [2] $ 1,500        
Stated interest rate percentage 2.375%   2.375%    
Maturity date [2] Jan. 15, 2019        
5.00% senior notes due July 2019 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Jul. 09, 2009        
Notes payable and other borrowings $ 1,750     $ 1,750  
Effective interest rate 5.05%   5.05% 5.05%  
Senior notes and other borrowings, par value $ 1,750        
Stated interest rate percentage 5.00%   5.00%    
Maturity date Jul. 08, 2019        
2.25% senior notes due October 2019 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance [2] Jul. 08, 2014        
Notes payable and other borrowings [2] $ 2,000     $ 2,000  
Effective interest rate [2] 2.27%   2.27% 2.27%  
Senior notes and other borrowings, par value [2] $ 2,000        
Stated interest rate percentage 2.25%   2.25%    
Maturity date [2] Oct. 08, 2019        
3.875% senior notes due July 2020 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Jul. 12, 2010        
Notes payable and other borrowings $ 1,000     $ 1,000  
Effective interest rate 3.93%   3.93% 3.93%  
Senior notes and other borrowings, par value $ 1,000        
Stated interest rate percentage 3.875%   3.875%    
Maturity date Jul. 15, 2020        
2.25% senior notes due January 2021 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance [3],[4] Jul. 10, 2013        
Notes payable and other borrowings [3],[4] $ 1,393     $ 1,446  
Effective interest rate [3],[4] 2.33%   2.33% 2.33%  
Senior notes and other borrowings, par value | €     € 1,250 [3],[4]   1,250
Stated interest rate percentage 2.25%   2.25%    
Maturity date [3],[4] Jan. 10, 2021        
2.80% senior notes due July 2021 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance [2] Jul. 08, 2014        
Notes payable and other borrowings [2] $ 1,500     $ 1,500  
Effective interest rate [2] 2.82%   2.82% 2.82%  
Senior notes and other borrowings, par value [2] $ 1,500        
Stated interest rate percentage 2.80%   2.80%    
Maturity date [2] Jul. 08, 2021        
1.90% senior notes due September 2021 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Jul. 07, 2016        
Notes payable and other borrowings $ 4,250     $ 4,250  
Effective interest rate 1.94%   1.94% 1.94%  
Senior notes and other borrowings, par value $ 4,250        
Stated interest rate percentage 1.90%   1.90%    
Maturity date Sep. 15, 2021        
2.50% senior notes due May 2022 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance May 05, 2015        
Notes payable and other borrowings $ 2,500     $ 2,500  
Effective interest rate 2.56%   2.56% 2.56%  
Senior notes and other borrowings, par value $ 2,500        
Stated interest rate percentage 2.50%   2.50%    
Maturity date May 15, 2022        
2.50% senior notes due October 2022 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Oct. 25, 2012        
Notes payable and other borrowings $ 2,500     $ 2,500  
Effective interest rate 2.51%   2.51% 2.51%  
Senior notes and other borrowings, par value $ 2,500        
Stated interest rate percentage 2.50%   2.50%    
Maturity date Oct. 15, 2022        
2.625% senior notes due February 2023 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Nov. 09, 2017        
Notes payable and other borrowings $ 1,250     $ 1,250  
Effective interest rate 2.64%   2.64% 2.64%  
Senior notes and other borrowings, par value $ 1,250        
Stated interest rate percentage 2.625%   2.625%    
Maturity date Feb. 15, 2023        
3.625% senior notes due July 2023 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Jul. 16, 2013        
Notes payable and other borrowings $ 1,000     $ 1,000  
Effective interest rate 3.73%   3.73% 3.73%  
Senior notes and other borrowings, par value $ 1,000        
Stated interest rate percentage 3.625%   3.625%    
Maturity date Jul. 23, 2023        
2.40% senior notes due September 2023 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Jul. 07, 2016        
Notes payable and other borrowings $ 2,500     $ 2,500  
Effective interest rate 2.40%   2.40% 2.40%  
Senior notes and other borrowings, par value $ 2,500        
Stated interest rate percentage 2.40%   2.40%    
Maturity date Sep. 15, 2023        
3.40% senior notes due July 2024 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Jul. 08, 2014        
Notes payable and other borrowings $ 2,000     $ 2,000  
Effective interest rate 3.43%   3.43% 3.43%  
Senior notes and other borrowings, par value $ 2,000        
Stated interest rate percentage 3.40%   3.40%    
Maturity date Jul. 08, 2024        
2.95% senior notes due November 2024 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Nov. 09, 2017        
Notes payable and other borrowings $ 2,000     $ 2,000  
Effective interest rate 2.98%   2.98% 2.98%  
Senior notes and other borrowings, par value $ 2,000        
Stated interest rate percentage 2.95%   2.95%    
Maturity date Nov. 15, 2024        
2.95% senior notes due May 2025 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance May 05, 2015        
Notes payable and other borrowings $ 2,500     $ 2,500  
Effective interest rate 3.00%   3.00% 3.00%  
Senior notes and other borrowings, par value $ 2,500        
Stated interest rate percentage 2.95%   2.95%    
Maturity date May 15, 2025        
3.125% senior notes due July 2025 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance [1],[3] Jul. 10, 2013        
Notes payable and other borrowings [1],[3] $ 836     $ 868  
Effective interest rate [1],[3] 3.17%   3.17% 3.17%  
Senior notes and other borrowings, par value | €     € 750 [1],[3]   € 750
Stated interest rate percentage 3.125%   3.125%    
Maturity date [1],[3] Jul. 10, 2025        
2.65% senior notes due July 2026 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Jul. 07, 2016        
Notes payable and other borrowings $ 3,000     $ 3,000  
Effective interest rate 2.69%   2.69% 2.69%  
Senior notes and other borrowings, par value $ 3,000        
Stated interest rate percentage 2.65%   2.65%    
Maturity date Jul. 15, 2026        
3.25% senior notes due November 2027 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Nov. 09, 2017        
Notes payable and other borrowings $ 2,750     $ 2,750  
Effective interest rate 3.26%   3.26% 3.26%  
Senior notes and other borrowings, par value $ 2,750        
Stated interest rate percentage 3.25%   3.25%    
Maturity date Nov. 15, 2027        
3.25% senior notes due May 2030 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance May 05, 2015        
Notes payable and other borrowings $ 500     $ 500  
Effective interest rate 3.30%   3.30% 3.30%  
Senior notes and other borrowings, par value $ 500        
Stated interest rate percentage 3.25%   3.25%    
Maturity date May 15, 2030        
4.30% senior notes due July 2034 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Jul. 08, 2014        
Notes payable and other borrowings $ 1,750     $ 1,750  
Effective interest rate 4.30%   4.30% 4.30%  
Senior notes and other borrowings, par value $ 1,750        
Stated interest rate percentage 4.30%   4.30%    
Maturity date Jul. 08, 2034        
3.90% senior notes due May 2035 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance May 05, 2015        
Notes payable and other borrowings $ 1,250     $ 1,250  
Effective interest rate 3.95%   3.95% 3.95%  
Senior notes and other borrowings, par value $ 1,250        
Stated interest rate percentage 3.90%   3.90%    
Maturity date May 15, 2035        
3.85% senior notes due July 2036 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Jul. 07, 2016        
Notes payable and other borrowings $ 1,250     $ 1,250  
Effective interest rate 3.85%   3.85% 3.85%  
Senior notes and other borrowings, par value $ 1,250        
Stated interest rate percentage 3.85%   3.85%    
Maturity date Jul. 15, 2036        
3.80% senior notes due November 2037 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Nov. 09, 2017        
Notes payable and other borrowings $ 1,750     $ 1,750  
Effective interest rate 3.83%   3.83% 3.83%  
Senior notes and other borrowings, par value $ 1,750        
Stated interest rate percentage 3.80%   3.80%    
Maturity date Nov. 15, 2037        
6.50% senior notes due April 2038 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Apr. 09, 2008        
Notes payable and other borrowings $ 1,250     $ 1,250  
Effective interest rate 6.52%   6.52% 6.52%  
Senior notes and other borrowings, par value $ 1,250        
Stated interest rate percentage 6.50%   6.50%    
Maturity date Apr. 15, 2038        
6.125% senior notes due July 2039 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Jul. 08, 2009        
Notes payable and other borrowings $ 1,250     $ 1,250  
Effective interest rate 6.19%   6.19% 6.19%  
Senior notes and other borrowings, par value $ 1,250        
Stated interest rate percentage 6.125%   6.125%    
Maturity date Jul. 08, 2039        
5.375% senior notes due July 2040 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Jul. 12, 2010        
Notes payable and other borrowings $ 2,250     $ 2,250  
Effective interest rate 5.45%   5.45% 5.45%  
Senior notes and other borrowings, par value $ 2,250        
Stated interest rate percentage 5.375%   5.375%    
Maturity date Jul. 15, 2040        
4.50% senior notes due July 2044 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Jul. 08, 2014        
Notes payable and other borrowings $ 1,000     $ 1,000  
Effective interest rate 4.50%   4.50% 4.50%  
Senior notes and other borrowings, par value $ 1,000        
Stated interest rate percentage 4.50%   4.50%    
Maturity date Jul. 08, 2044        
4.125% senior notes due May 2045 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance May 05, 2015        
Notes payable and other borrowings $ 2,000     $ 2,000  
Effective interest rate 4.15%   4.15% 4.15%  
Senior notes and other borrowings, par value $ 2,000        
Stated interest rate percentage 4.125%   4.125%    
Maturity date May 15, 2045        
4.00% senior notes due July 2046 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Jul. 07, 2016        
Notes payable and other borrowings $ 3,000     $ 3,000  
Effective interest rate 4.00%   4.00% 4.00%  
Senior notes and other borrowings, par value $ 3,000        
Stated interest rate percentage 4.00%   4.00%    
Maturity date Jul. 15, 2046        
4.00% senior notes due November 2047 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Nov. 09, 2017        
Notes payable and other borrowings $ 2,250     $ 2,250  
Effective interest rate 4.03%   4.03% 4.03%  
Senior notes and other borrowings, par value $ 2,250        
Stated interest rate percentage 4.00%   4.00%    
Maturity date Nov. 15, 2047        
4.375% senior notes due May 2055 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance May 05, 2015        
Notes payable and other borrowings $ 1,250     $ 1,250  
Effective interest rate 4.40%   4.40% 4.40%  
Senior notes and other borrowings, par value $ 1,250        
Stated interest rate percentage 4.375%   4.375%    
Maturity date May 15, 2055        
Floating rate senior notes due January 2019 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Jul. 16, 2013        
Notes payable and other borrowings $ 0     $ 500  
Effective interest rate       2.93%  
Senior notes and other borrowings, par value $ 500        
Maturity date Jan. 15, 2019        
Debt instrument LIBOR rate 0.58%        
Floating rate senior notes due October 2019 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Jul. 08, 2014        
Notes payable and other borrowings $ 750     $ 750  
Effective interest rate 3.10%   3.10% 2.84%  
Senior notes and other borrowings, par value $ 750        
Maturity date Oct. 08, 2019        
Debt instrument LIBOR rate 0.51%        
Revolving credit agreements due June 2018 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance May 31, 2018        
Notes payable and other borrowings, current $ 0     $ 2,500  
Effective interest rate       2.48%  
Senior notes and other borrowings, par value   $ 2,500      
Maturity date   Jun. 29, 2018      
Debt instrument LIBOR rate   0.50%      
Other borrowings due August 2025 [Member]          
Notes Payable Other Borrowings [Line Items]          
Date of issuance Nov. 07, 2016        
Notes payable and other borrowings $ 113     $ 113  
Effective interest rate 3.53%   3.53% 3.53%  
Maturity date Aug. 01, 2025        
[1] 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 rate as of May 31, 2019 and 2018 after consideration of the cross-currency interest rate swap agreements were 5.74% and 5.17%, respectively, for the July 2025 Notes. Refer to Notes 1 and 10 for a description of our accounting for fair value hedges.
[2] We entered into certain interest rate swap agreements that have the economic effects of modifying the fixed-interest obligations associated with the 2.375% senior notes that were due and settled in January 2019 (January 2019 Notes), the 2.25% senior notes due October 2019 (October 2019 Notes) and 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 3.00% as of May 31, 2018 for the January 2019 Notes; and 3.07% and 2.81%, respectively, for the October 2019 Notes, and 3.22% and 2.96%, respectively, for the July 2021 Notes as of May 31, 2019 and 2018, respectively. Refer to Notes 1 and 10 for a description of our accounting for fair value hedges associated with our October 2019 Notes and July 2021 Notes and to our Annual Report for the year ended May 31, 2018 for a description of our accounting for fair value hedges associated with our January 2019 Notes.
[3] In July 2013, we issued €2.0 billion of fixed-rate senior notes comprised of €1.25 billion of 2.25% senior notes due 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 of May 31, 2019 and May 31, 2018, respectively. The Euro Notes are registered and trade on the New York Stock Exchange.
[4] In connection with the issuance of the January 2021 Notes, we entered into certain cross-currency 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 fixed-rate, U.S. Dollar-denominated debt of $1.6 billion with a fixed annual interest rate of 3.53% (see Note 10 for additional information).