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Long-Term Debt | 12 Months Ended
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May 31, 2022
Debt Disclosure [Abstract] |
Long-Term Debt |
NOTE 8 — LONG-TERM DEBT
Long-term debt, net of unamortized premiums, discounts and debt issuance costs, comprises the following:
|  |  |  | BOOK VALUE OUTSTANDING AS OF MAY 31,
Scheduled Maturity (Dollars in millions) | ORIGINAL PRINCIPAL | INTEREST RATE | INTEREST PAYMENTS | 2022 | 2021
Corporate Term Debt:(1)(2) |  |  |  |  |
May 1, 2023 | $ | 500 |  | 2.25 | % | Semi-Annually | $ | 500 |  | $ | 499 |
March 27, 2025 | 1,000 |  | 2.40 | % | Semi-Annually | 996 |  | 995 |
November 1, 2026 | 1,000 |  | 2.38 | % | Semi-Annually | 997 |  | 996 |
March 27, 2027 | 1,000 |  | 2.75 | % | Semi-Annually | 996 |  | 995 |
March 27, 2030 | 1,500 |  | 2.85 | % | Semi-Annually | 1,491 |  | 1,490 |
March 27, 2040 | 1,000 |  | 3.25 | % | Semi-Annually | 986 |  | 986 |
May 1, 2043 | 500 |  | 3.63 | % | Semi-Annually | 496 |  | 496 |
November 1, 2045 | 1,000 |  | 3.88 | % | Semi-Annually | 985 |  | 984 |
November 1, 2046 | 500 |  | 3.38 | % | Semi-Annually | 492 |  | 491 |
March 27, 2050 | 1,500 |  | 3.38 | % | Semi-Annually | 1,481 |  | 1,481 |
Total |  |  |  | 9,420 |  | 9,413 |
Less Current Portion of Long-Term Debt |  |  |  | 500 |  | — |
TOTAL LONG-TERM DEBT |  |  |  | $ | 8,920 |  | $ | 9,413 |
(1)These senior unsecured obligations rank equally with the Company's other unsecured and unsubordinated indebtedness. (2)The bonds are redeemable at the Company's option at a price equal to the greater of (i) 100% of the aggregate principal amount of the notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments, plus in each case, accrued and unpaid interest. However, the bonds also feature a par call provision, which allows for the bonds to be redeemed at a price equal to 100% of the aggregate principal amount of the notes being redeemed, plus accrued and unpaid interest on or after the Par Call Date, as defined in the respective notes. The scheduled maturity of Long-term debt in each of the years ending May 31, 2023 through 2027, are $500 million, $0 million, $1,000 million, $0 million and $2,000 million, respectively, at face value. The Company's Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts and debt issuance costs. The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). The fair value of the Company's Long-term debt, including the current portion, was approximately $8,933 million and $10,275 million as of May 31, 2022 and 2021, respectively.

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- Definition The entire disclosure for long-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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