| Notes Payable and Other Borrowings |
|
|
|
|
|
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. |
|