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NOTES PAYABLE AND OTHER BORROWINGS (Tables) | 12 Months Ended
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May 31, 2016
Notes Payable and Other Borrowings [Abstract] |
Notes Payable and Other Borrowings |
|  |  | May 31, 2016 |  | May 31, 2015
(Dollars in millions) |  | Date of |  | Amount |  | Effective |  | Amount |  | Effective
Interest |  | Interest
Issuance |  | Rate |  | Rate
Revolving credit agreements: |  |  |  |  |  |  |  |  |  |  |  |
$3,750, LIBOR plus 0.35%, due June 2016 |  | May 2016 |  | $ | 3,750 |  | 0.81% |  | $ | — |  | N.A.
Floating-rate senior notes: |  |  |  |  |  |  |  |  |  |  |  |
$1,000, three-month LIBOR plus 0.20%, due July 2017 |  | July 2014 |  |  | 1,000 |  | 0.83% |  |  | 1,000 |  | 0.47%
$500, three-month LIBOR plus 0.58%, due January 2019 |  | July 2013 |  |  | 500 |  | 1.21% |  |  | 500 |  | 0.86%
$750, three-month LIBOR plus 0.51%, due October 2019 |  | July 2014 |  |  | 750 |  | 1.14% |  |  | 750 |  | 0.78%
Fixed-rate senior notes: |  |  |  |  |  |  |  |  |  |  |  |
$2,000, 5.25%, due January 2016 |  | January 2006 |  |  | — |  | N.A. |  |  | 2,000 |  | 5.32%
$2,500, 1.20%, due October 2017 |  | October 2012 |  |  | 2,500 |  | 1.24% |  |  | 2,500 |  | 1.24%
$2,500, 5.75%, due April 2018 |  | April 2008 |  |  | 2,500 |  | 5.76% |  |  | 2,500 |  | 5.76%
$1,500, 2.375%, due January 2019 | (1) | July 2013 |  |  | 1,500 |  | 2.44% |  |  | 1,500 |  | 2.44%
$1,750, 5.00%, due July 2019 |  | July 2009 |  |  | 1,750 |  | 5.05% |  |  | 1,750 |  | 5.05%
$2,000, 2.25% due October 2019 | (1) | July 2014 |  |  | 2,000 |  | 2.27% |  |  | 2,000 |  | 2.27%
$1,000, 3.875%, due July 2020 |  | July 2010 |  |  | 1,000 |  | 3.93% |  |  | 1,000 |  | 3.93%
€1,250, 2.25%, due January 2021 | (2) (3) | July 2013 |  |  | 1,394 |  | 2.33% |  |  | 1,352 |  | 2.33%
$1,500, 2.80%, due July 2021 | (1) | July 2014 |  |  | 1,500 |  | 2.82% |  |  | 1,500 |  | 2.82%
$2,500, 2.50%, due May 2022 |  | May 2015 |  |  | 2,500 |  | 2.56% |  |  | 2,500 |  | 2.56%
$2,500, 2.50%, due October 2022 |  | October 2012 |  |  | 2,500 |  | 2.51% |  |  | 2,500 |  | 2.51%
$1,000, 3.625%, due July 2023 |  | July 2013 |  |  | 1,000 |  | 3.73% |  |  | 1,000 |  | 3.73%
$2,000, 3.40% due July 2024 |  | July 2014 |  |  | 2,000 |  | 3.43% |  |  | 2,000 |  | 3.43%
$2,500, 2.95%, due May 2025 |  | May 2015 |  |  | 2,500 |  | 3.00% |  |  | 2,500 |  | 3.00%
€750, 3.125%, due July 2025 | (2) (4) | July 2013 |  |  | 836 |  | 3.17% |  |  | 810 |  | 3.17%
$500, 3.25%, due May 2030 |  | May 2015 |  |  | 500 |  | 3.30% |  |  | 500 |  | 3.30%
$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, 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%
$2,250, 5.375%, due July 2040 |  | July 2010 |  |  | 2,250 |  | 5.45% |  |  | 2,250 |  | 5.45%
$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%
$1,250, 4.375%, due May 2055 |  | May 2015 |  |  | 1,250 |  | 4.40% |  |  | 1,250 |  | 4.40%
Total senior notes and other borrowings |  |  |  | $ | 43,980 |  |  |  | $ | 42,162 |  |
Unamortized discount/issuance costs |  |  |  |  | (247) |  |  |  |  | (278) |  |
Hedge accounting fair value adjustments | (1) |  |  |  | 122 |  |  |  |  | 74 |  |
Total notes payable and other borrowings |  |  |  | $ | 43,855 |  |  |  | $ | 41,958 |  |
Notes payable and other borrowings, current |  |  |  | $ | 3,750 |  |  |  | $ | 1,999 |  |
Notes payable, non-current |  |  |  | $ | 40,105 |  |  |  | $ | 39,959 |  |
__________
(1) | We have 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 due 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 1.28% and 0.93% for the January 2019 Notes, 1.11% and 0.76% for the October 2019 Notes, and 1.26% and 0.91% for the July 2021 Notes as of May 31, 2016 and 2015, respectively. Refer to Notes 1 and 11 for a description of our accounting for fair value hedges.
(2) | 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, 2016 and May 31, 2015, respectively. The Euro Notes are registered and trade on the New York Stock Exchange.
(3) | 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 11 for additional information).
(4) | We designated the July 2025 Notes as a net investment hedge of our investments in certain of our international subsidiaries that use the Euro as their functional currency in order to reduce the volatility in stockholders’ equity caused by the changes in foreign currency exchange rates of the Euro with respect to the U.S. Dollar (see Note 11 for additional information).
Future Principal Payments for all Borrowings |
Fiscal 2017 |  | $ | 3,750
Fiscal 2018 |  |  | 6,000
Fiscal 2019 |  |  | 2,000
Fiscal 2020 |  |  | 4,500
Fiscal 2021 |  |  | 2,655
Thereafter |  |  | 25,336
Total |  | $ | 44,241

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