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Short-Term Borrowings and Credit Lines | 12 Months Ended
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May 31, 2021
Debt Disclosure [Abstract] |
Short-Term Borrowings and Credit Lines |
NOTE 7 — SHORT-TERM BORROWINGS AND CREDIT LINES
Notes payable as of May 31, 2021 and 2020, are summarized below:
| MAY 31,
| 2021 |  | 2020
(Dollars in millions) | BORROWINGS | INTEREST RATE |  | BORROWINGS | INTEREST RATE
Notes payable: |  |  |  |  |  |  |
Commercial paper(1) | $ | — |  | 0.00 | % |  |  | $ | 248 |  | 1.65 | % |
U.S. operations | — |  | 0.00 | % |  |  | — |  | 0.00 | % | (2)
Non-U.S. operations | 2 |  | 17.80 | % | (2) |  | — |  | 0.00 | % |
TOTAL NOTES PAYABLE | $ | 2 |  |  |  |  | $ | 248 |  |  |
(1)Commercial paper borrowings and repayments with original maturities greater than three months are included in Proceeds from borrowings, net of debt issuance costs and Repayment of borrowings, respectively, 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 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 the facility 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 London Interbank Offered Rate (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. On March 15, 2021, the Company entered into a committed credit facility agreement with a syndicate of banks, which provides up to $1 billion of borrowings, with the option to increase borrowings up to $1.5 billion in total upon lender approval. The facility matures on March 14, 2022, with a 364-day extension option up to 30 days prior to the existing termination date, provided that in no event shall the facility extend beyond March 13, 2023. This facility replaces the prior $2 billion credit facility agreement entered into on April 6, 2020, which would have matured 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 0.50%. The facility fee is 0.03% of the total undrawn commitment. Additionally, the Company decreased its $4 billion commercial paper program to $3 billion in connection with the new credit facility agreement. As of and for the periods ended May 31, 2021 and 2020, no amounts were outstanding under any of the Company's committed credit facilities.

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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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