XML 44 R15.htm IDEA: XBRL DOCUMENT
v3.25.2

LONG-TERM DEBT | 12 Months Ended
--- | ---
May 31, 2025
Debt Disclosure [Abstract] |
LONG-TERM DEBT |
NOTE 6 — LONG-TERM DEBT
Long-term debt, net of unamortized premiums, discounts, debt issuance costs, and interest rate swap fair value adjustments comprises the following:
|  |  |  | BOOK VALUE OUTSTANDING AS OF MAY 31,
Scheduled Maturity (Dollars in millions) | ORIGINAL PRINCIPAL | INTEREST RATE | INTEREST PAYMENTS | 2025 | 2024
Corporate Term Debt:(1)(2) |  |  |  |  |
March 27, 2025 | 1,000 |  | 2.40 | % | Semi-Annually | $ | — |  | $ | 999 |
November 1, 2026 | 1,000 |  | 2.38 | % | Semi-Annually | 999 |  | 998 |
March 27, 2027 | 1,000 |  | 2.75 | % | Semi-Annually | 999 |  | 998 |
March 27, 2030 | 1,500 |  | 2.85 | % | Semi-Annually | 1,495 |  | 1,494 |
March 27, 2040(3) | 1,000 |  | 3.25 | % | Semi-Annually | 993 |  | 966 |
May 1, 2043(3) | 500 |  | 3.63 | % | Semi-Annually | 502 |  | 488 |
November 1, 2045(3) | 1,000 |  | 3.88 | % | Semi-Annually | 997 |  | 986 |
November 1, 2046 | 500 |  | 3.38 | % | Semi-Annually | 493 |  | 492 |
March 27, 2050 | 1,500 |  | 3.38 | % | Semi-Annually | 1,483 |  | 1,482 |
Total |  |  |  | 7,961 |  | 8,903 |
Less Current Portion of Long-Term Debt |  |  |  | — |  | 1,000 |
TOTAL LONG-TERM DEBT |  |  |  | $ | 7,961 |  | $ | 7,903 |
(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, which can range from one to six months prior to the scheduled maturity, as defined in the respective notes. (3)The Company entered into interest rate swap agreements pursuant to which the Company receives fixed interest payments at the same rate as the term debt and pays variable interest payments based on SOFR plus a fixed spread. At May 31, 2025, the notional amount outstanding of these swaps was $2.4 billion and had interest rates payable that ranged from 3.6% to 4.5%. These swaps mature during fiscal 2034 and 2035. The scheduled maturity of Long-term debt in each of the years ending May 31, 2026 through 2030, is $0 million, $2,000 million, $0 million, $0 million and $1,500 million, respectively, at face value. The Company's Long-term debt is recorded at adjusted cost, net of unamortized premiums, discounts, debt issuance costs, and interest rate swap fair value adjustments. 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 but excluding interest rate swap fair value adjustments, was approximately $6,673 million and $7,631 million as of May 31, 2025 and 2024, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration