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NOTES PAYABLE AND OTHER BORROWINGS (Tables) | 12 Months Ended
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May 31, 2019
Debt Disclosure [Abstract] |
Notes Payable and Other Borrowings |
|  |  |  | May 31, 2019 |  |  | May 31, 2018
(Dollars in millions) |  | Date of Issuance |  | Amount |  |  | Effective Interest Rate |  |  | Amount |  |  | Effective Interest Rate
Fixed-rate senior notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$1,500, 2.375%, due January 2019(1) |  | July 2013 |  | — |  |  | N.A. |  |  |  | 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 |  |  | 1,393 |  |  |  | 2.33% |  |  |  | 1,446 |  |  | 2.33%
$1,500, 2.80%, due July 2021(1) |  | July 2014 |  |  | 1,500 |  |  |  | 2.82% |  |  |  | 1,500 |  |  | 2.82%
$4,250, 1.90%, due September 2021 |  | July 2016 |  |  | 4,250 |  |  |  | 1.94% |  |  |  | 4,250 |  |  | 1.94%
$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%
$1,250, 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%
$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% |  |  |  | 868 |  |  | 3.17%
$3,000, 2.65%, due July 2026 |  | July 2016 |  |  | 3,000 |  |  |  | 2.69% |  |  |  | 3,000 |  |  | 2.69%
$2,750, 3.25%, due November 2027 |  | November 2017 |  |  | 2,750 |  |  |  | 3.26% |  |  |  | 2,750 |  |  | 3.26%
$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, 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%
$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%
$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%
$1,250, 4.375%, due May 2055 |  | May 2015 |  |  | 1,250 |  |  |  | 4.40% |  |  |  | 1,250 |  |  | 4.40%
Floating-rate senior notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$500, three-month LIBOR plus 0.58%, due January 2019 |  | July 2013 |  | — |  |  | N.A. |  |  |  | 500 |  |  | 2.93%
$750, three-month LIBOR plus 0.51%, due October 2019 |  | July 2014 |  |  | 750 |  |  |  | 3.10% |  |  |  | 750 |  |  | 2.84%
Revolving credit agreements and other borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$2,500, LIBOR plus 0.50%, due June 2018 |  | May 2018 |  | — |  |  | N.A. |  |  |  | 2,500 |  |  | 2.48%
Other borrowings due August 2025 |  | November 2016 |  |  | 113 |  |  |  | 3.53% |  |  |  | 113 |  |  | 3.53%
Total senior notes and other borrowings |  |  |  | $ | 56,342 |  |  |  |  |  |  | $ | 60,927 |  |  |
Unamortized discount/issuance costs |  |  |  |  | (202 | ) |  |  |  |  |  |  | (282 | ) |  |
Hedge accounting fair value adjustments(1)(4) |  |  |  |  | 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 |  |  |
(1) | 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.
(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, 2019 and May 31, 2018, 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 10 for additional information).
(4) | 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.
Future Principal Payments for all Borrowings |
Fiscal 2020 |  | $ | 4,500 |
Fiscal 2021 |  |  | 2,631 |
Fiscal 2022 |  |  | 8,250 |
Fiscal 2023 |  |  | 3,750 |
Fiscal 2024 |  |  | 3,500 |
Thereafter |  |  | 33,984 |
Total |  | $ | 56,615 |

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