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Short-Term Borrowings and Credit Lines | 12 Months Ended
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May 31, 2020
Debt Disclosure [Abstract] |
Short-Term Borrowings and Credit Lines |
NOTE 7 — SHORT-TERM BORROWINGS AND CREDIT LINES
Notes payable as of May 31, 2020 and 2019 are summarized below:
| MAY 31,
| 2020 |  | 2019
(Dollars in millions) | BORROWINGS |  | INTEREST RATE |  | BORROWINGS |  | INTEREST RATE
Notes payable: |  |  |  |  |  |  |
Commercial paper(1) | $ | 248 |  | 1.65 | % |  |  | $ | — |  | 0.00 | % |
U.S. operations | — |  | 0.00 | % |  |  | 2 |  | 0.00 | % | (2)
Non-U.S. operations | — |  | 0.00 | % |  |  | 7 |  | 26.00 | % | (2)
TOTAL NOTES PAYABLE | $ | 248 |  |  |  |  | $ | 9 |  |  |
(1) | Commercial paper borrowings with original maturities greater than three months are included in Proceeds from borrowings, net of debt issuance costs on the Consolidated Statements of Cash Flows.
(2) | Weighted average interest rate includes non-interest bearing overdrafts.
The carrying amounts reflected in the Consolidated Balance Sheets for Notes payable approximate fair value. On August 16, 2019, the Company entered into a committed credit facility agreement with a syndicate of banks which provides for up to $2 billion of borrowings, with the option to increase borrowings up to $3 billion in total upon lender approval. The facility matures on August 16, 2024, with a one year extension option prior to any anniversary of the closing date, provided that in no event shall it extend beyond August 16, 2026. Based on the Company's current long-term senior unsecured debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively, the interest rate charged on any outstanding borrowings would be the prevailing LIBOR plus 0.46%. The facility fee is 0.04% of the total commitment. This facility replaces the prior $2 billion credit facility agreement entered into on August 28, 2015, which would have matured August 28, 2020. As of and for the periods ended May 31, 2020 and 2019, no amounts were outstanding under either committed credit facility. On April 6, 2020, the Company entered into a committed credit facility agreement with a syndicate of banks which provides for up to $2 billion of borrowings, in addition to the existing credit facility discussed above. The new facility matures on April 5, 2021. Based on the Company's current long-term senior unsecured debt ratings of AA- and A1 from Standard and Poor's Corporation and Moody's Investor Services, respectively, the interest rate charged on any outstanding borrowings would be the prevailing LIBOR plus 1.05%. The facility fee is 0.20% of the total commitment. As of May 31, 2020, no amounts were outstanding under this committed credit facility.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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