| Notes Payable and Other Borrowings |
Notes payable and other borrowings consisted of the following:
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May 31, |
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2025 |
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2024 |
(Amounts in millions) |
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Date of
Issuance |
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Amount |
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Effective
Interest
Rate |
|
Amount |
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Effective
Interest
Rate |
Fixed-rate senior notes: |
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$2,000, 3.40%, due July 2024 |
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July 2014 |
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$ |
— |
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N.A |
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$ |
2,000 |
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3.43% |
$2,000, 2.95%, due November 2024 |
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November 2017 |
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— |
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N.A |
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2,000 |
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3.01% |
$3,500, 2.50%, due April 2025 |
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April 2020 |
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— |
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N.A |
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3,500 |
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2.54% |
$2,500, 2.95%, due May 2025 |
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May 2015 |
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— |
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N.A |
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2,500 |
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3.05% |
€750, 3.125%, due July 2025(1)(2) |
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July 2013 |
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841 |
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3.17% |
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808 |
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3.17% |
$1,000, 5.80%, due November 2025 |
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November 2022 |
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1,000 |
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5.93% |
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1,000 |
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5.93% |
$2,750, 1.65%, due March 2026 |
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March 2021 |
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2,750 |
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1.67% |
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2,750 |
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1.67% |
$3,000, 2.65%, due July 2026 |
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July 2016 |
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3,000 |
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2.73% |
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3,000 |
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2.73% |
$2,250, 2.80%, due April 2027 |
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April 2020 |
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2,250 |
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2.87% |
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2,250 |
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2.87% |
$2,750, 3.25%, due November 2027 |
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November 2017 |
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2,750 |
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3.29% |
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2,750 |
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3.29% |
$2,000, 2.30%, due March 2028 |
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March 2021 |
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2,000 |
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2.36% |
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2,000 |
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2.36% |
$750, 4.50%, due May 2028 |
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February 2023 |
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750 |
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4.60% |
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750 |
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4.60% |
$1,500, 4.80%, due August 2028(4) |
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February 2025 |
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1,500 |
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4.94% |
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— |
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N.A |
$1,500, 4.20%, due September 2029(4) |
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September 2024 |
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1,500 |
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4.27% |
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— |
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N.A |
$1,250, 6.15%, due November 2029 |
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November 2022 |
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1,250 |
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6.21% |
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1,250 |
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6.21% |
$3,250, 2.95%, due April 2030 |
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April 2020 |
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3,250 |
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3.00% |
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3,250 |
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3.00% |
$750, 4.65%, due May 2030 |
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February 2023 |
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750 |
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4.75% |
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750 |
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4.75% |
$500, 3.25%, due May 2030 |
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May 2015 |
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500 |
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3.35% |
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500 |
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3.35% |
$3,250, 2.875%, due March 2031 |
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March 2021 |
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3,250 |
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2.92% |
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3,250 |
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2.92% |
$1,250, 5.25%, due February 2032(4) |
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February 2025 |
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1,250 |
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5.36% |
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— |
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N.A |
$2,250, 6.25%, due November 2032 |
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November 2022 |
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2,250 |
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6.32% |
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2,250 |
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6.32% |
$1,500, 4.90%, due February 2033 |
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February 2023 |
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1,500 |
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4.95% |
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1,500 |
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4.95% |
$1,750, 4.30%, due July 2034 |
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July 2014 |
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1,750 |
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4.30% |
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1,750 |
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4.30% |
$1,750, 4.70%, due September 2034(4) |
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September 2024 |
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1,750 |
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4.77% |
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— |
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N.A |
$1,250, 3.90%, due May 2035 |
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May 2015 |
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1,250 |
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4.00% |
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1,250 |
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4.00% |
$1,750, 5.50%, due August 2035(4) |
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February 2025 |
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1,750 |
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5.55% |
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— |
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N.A |
$1,250, 3.85%, due July 2036 |
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July 2016 |
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1,250 |
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3.89% |
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1,250 |
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3.89% |
$1,750, 3.80%, due November 2037 |
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November 2017 |
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1,750 |
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3.86% |
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1,750 |
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3.86% |
$1,250, 6.50%, due April 2038 |
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April 2008 |
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1,250 |
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6.51% |
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1,250 |
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6.51% |
$1,250, 6.125%, due July 2039 |
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July 2009 |
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1,250 |
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6.17% |
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1,250 |
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6.17% |
$3,000, 3.60%, due April 2040 |
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April 2020 |
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3,000 |
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3.64% |
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3,000 |
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3.64% |
$2,250, 5.375%, due July 2040 |
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July 2010 |
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2,250 |
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5.45% |
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2,250 |
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5.45% |
$2,250, 3.65%, due March 2041 |
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March 2021 |
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2,250 |
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3.72% |
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2,250 |
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3.72% |
$1,000, 4.50%, due July 2044 |
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July 2014 |
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1,000 |
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4.50% |
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1,000 |
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4.50% |
$2,000, 4.125%, due May 2045 |
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May 2015 |
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2,000 |
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4.20% |
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2,000 |
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4.20% |
$3,000, 4.00%, due July 2046 |
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July 2016 |
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3,000 |
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4.03% |
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3,000 |
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4.03% |
$2,250, 4.00%, due November 2047 |
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November 2017 |
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2,250 |
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4.05% |
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2,250 |
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4.05% |
$4,500, 3.60%, due April 2050 |
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April 2020 |
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4,500 |
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3.64% |
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4,500 |
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3.64% |
$3,250, 3.95%, due March 2051 |
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March 2021 |
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3,250 |
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3.98% |
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3,250 |
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3.98% |
$2,500, 6.90%, due November 2052 |
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November 2022 |
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2,500 |
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6.94% |
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2,500 |
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6.94% |
$2,250, 5.55%, due February 2053 |
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February 2023 |
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2,250 |
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5.62% |
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2,250 |
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5.62% |
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May 31, |
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|
2025 |
|
2024 |
(Amounts in millions) |
|
Date of
Issuance |
|
Amount |
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|
Effective
Interest
Rate |
|
Amount |
|
|
Effective
Interest
Rate |
$1,750, 5.375%, due September 2054(4) |
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September 2024 |
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1,750 |
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5.43% |
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— |
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N.A |
$1,250, 4.375%, due May 2055 |
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May 2015 |
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1,250 |
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4.44% |
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1,250 |
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4.44% |
$1,750, 6.00%, due August 2055(4) |
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February 2025 |
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1,750 |
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6.04% |
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— |
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N.A |
$3,500, 3.85%, due April 2060 |
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April 2020 |
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3,500 |
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3.89% |
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3,500 |
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3.89% |
$1,500, 4.10%, due March 2061 |
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March 2021 |
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1,500 |
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4.13% |
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1,500 |
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4.13% |
$1,250, 5.50%, due September 2064(4) |
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September 2024 |
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1,250 |
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5.55% |
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— |
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N.A |
$1,000, 6.125%, due August 2065(4) |
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February 2025 |
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1,000 |
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6.17% |
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— |
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N.A |
Floating-rate senior notes: |
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$500, Compounded SOFR plus 0.76%, due August 2028(4) |
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February 2025 |
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500 |
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5.28% |
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— |
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N.A |
Term loan credit agreements: |
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$790, SOFR plus 1.70%, due August 2025(3) |
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August 2022 |
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— |
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N.A |
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790 |
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6.99% |
$170, SOFR plus 1.70%, due August 2025 |
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November 2022 |
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— |
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N.A |
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170 |
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6.98% |
$3,570, SOFR plus 1.70%, due August 2027(3) |
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August 2022 |
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— |
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N.A |
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3,570 |
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6.99% |
$1,100, SOFR plus 1.70%, due August 2027 |
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November 2022 |
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— |
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N.A |
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1,100 |
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6.98% |
$5,630, SOFR plus 1.35%, due August 2027(3) |
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June 2024 |
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5,419 |
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6.10% |
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— |
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N.A |
Commercial paper notes |
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2,294 |
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4.88% |
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401 |
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5.43% |
Other borrowings due August 2025 |
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November 2016 |
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113 |
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3.53% |
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113 |
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3.53% |
Total senior notes and other borrowings |
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$ |
92,917 |
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$ |
87,202 |
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Unamortized discount/issuance costs |
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(348 |
) |
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(302 |
) |
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Hedge accounting fair value adjustments(2) |
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(1 |
) |
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(31 |
) |
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Total notes payable and other borrowings |
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$ |
92,568 |
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$ |
86,869 |
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Notes payable and other borrowings, current |
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$ |
7,271 |
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$ |
10,605 |
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Notes payable and other borrowings, non-current |
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$ |
85,297 |
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$ |
76,264 |
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(1)In July 2013, we issued €750 million of 3.125% senior notes due July 2025 (July 2025 Notes). Principal and unamortized discount/issuance costs for the July 2025 Notes in the table above were calculated using foreign currency exchange rates, as applicable, as of May 31, 2025 and May 31, 2024, respectively. The July 2025 Notes are registered and traded on the New York Stock Exchange. (2)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 rates as of May 31, 2025 and 2024 after consideration of the cross-currency interest rate swap agreements were 7.77% and 8.76%, respectively, for the July 2025 Notes. Refer to Note 1 for a description of our accounting for fair value hedges. (3)In fiscal 2023, we entered into certain interest rate swap agreements that have the economic effect of converting our $4.7 billion of floating-rate borrowings pursuant to the Term Loan Credit Agreement (defined below) until its repayment and subsequently, borrowings under the Term Loan Credit Agreement 2 (defined below) for the same amount to fixed-rate borrowings with a fixed annual interest rate of 3.07%, plus a margin depending on the credit rating assigned to our long-term senior unsecured debt, as further discussed below. The effective interest rates after consideration of the interest rate swap agreements were 4.74% for each of fiscal 2025 for borrowings under the Term Loan Credit Agreement 2 (defined below) and fiscal 2024 for borrowings under the Term Loan Credit Agreement. Refer to Note 1 for a description of our accounting for cash flow hedges. (4)In fiscal 2025, we issued $14.0 billion of senior notes and intend to use the net proceeds from the issuance of the senior notes to repay all or a portion of senior notes due between November 2024 and July 2026, and to pay accrued interest and any related premiums, fees and expenses in connection therewith; to make scheduled payments of principal and interest on borrowings under the Term Loan Credit Agreement 2 (defined below); to repay all or a portion of commercial paper notes outstanding; and to use any remaining net proceeds from the borrowing for general corporate purposes, which may include stock repurchases, payment of cash dividends on our common stock, repayment of other indebtedness and future acquisitions. The interest is payable semi-annually for the fixed-rate senior notes and quarterly for the floating-rate senior notes. We may redeem some or all of the fixed-rate senior notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances.
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