v3.25.2
NOTES PAYABLE AND OTHER BORROWINGS (Details)
€ in Millions, $ in Millions
 12 Months Ended
May 31, 2025
USD ($)
May 31, 2025
EUR (€)
May 31, 2024
USD ($)
Jul. 10, 2013
EUR (€)
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 92,947      
Notes payable and other borrowings 92,917   $ 87,202  
Unamortized discount/issuance costs (348)   (302)  
Hedge accounting fair value adjustments [1] (1)   (31)  
Total notes payable and other borrowings 92,568   86,869  
Notes payable and other borrowings, current 7,271   10,605  
Notes payable and other borrowings, non-current 85,297   76,264  
Fixed-Rate Senior Notes Due July 2024 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,000      
Stated interest rate percentage 3.40% 3.40%    
Maturity date Jul. 08, 2024      
Date of issuance Jul. 08, 2014      
Notes payable and other borrowings $ 0   $ 2,000  
Effective interest rate     3.43%  
Fixed-Rate Senior Notes Due November 2024 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,000      
Stated interest rate percentage 2.95% 2.95%    
Maturity date Nov. 15, 2024      
Date of issuance Nov. 09, 2017      
Notes payable and other borrowings $ 0   $ 2,000  
Effective interest rate     3.01%  
Fixed-Rate Senior Notes Due April 2025 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,500      
Stated interest rate percentage 2.50% 2.50%    
Maturity date Apr. 01, 2025      
Date of issuance Apr. 01, 2020      
Notes payable and other borrowings $ 0   $ 3,500  
Effective interest rate     2.54%  
Fixed Rate Senior Notes Due May 2025 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,500      
Stated interest rate percentage 2.95% 2.95%    
Maturity date May 15, 2025      
Date of issuance May 05, 2015      
Notes payable and other borrowings $ 0   $ 2,500  
Effective interest rate     3.05%  
Fixed-Rate Senior Notes Due July 2025 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value | €   € 750 [1],[2]   € 750
Stated interest rate percentage [1],[2] 3.125% 3.125%    
Maturity date [1],[2] Jul. 10, 2025      
Date of issuance [1],[2] Jul. 10, 2013      
Notes payable and other borrowings [1],[2] $ 841   $ 808  
Effective interest rate [1],[2] 3.17% 3.17% 3.17%  
Fixed-Rate Senior Notes Due November 2025 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,000      
Stated interest rate percentage 5.80% 5.80%    
Maturity date Nov. 10, 2025      
Date of issuance Nov. 09, 2022      
Notes payable and other borrowings $ 1,000   $ 1,000  
Effective interest rate 5.93% 5.93% 5.93%  
Fixed-Rate Senior Notes Due March 2026 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,750      
Stated interest rate percentage 1.65% 1.65%    
Maturity date Mar. 25, 2026      
Date of issuance Mar. 31, 2021      
Notes payable and other borrowings $ 2,750   $ 2,750  
Effective interest rate 1.67% 1.67% 1.67%  
Fixed-Rate Senior Notes Due July 2026 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,000      
Stated interest rate percentage 2.65% 2.65%    
Maturity date Jul. 15, 2026      
Date of issuance Jul. 07, 2016      
Notes payable and other borrowings $ 3,000   $ 3,000  
Effective interest rate 2.73% 2.73% 2.73%  
Fixed-Rate Senior Notes Due April 2027 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,250      
Stated interest rate percentage 2.80% 2.80%    
Maturity date Apr. 01, 2027      
Date of issuance Apr. 01, 2020      
Notes payable and other borrowings $ 2,250   $ 2,250  
Effective interest rate 2.87% 2.87% 2.87%  
Fixed-Rate Senior Notes Due November 2027 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,750      
Stated interest rate percentage 3.25% 3.25%    
Maturity date Nov. 15, 2027      
Date of issuance Nov. 09, 2017      
Notes payable and other borrowings $ 2,750   $ 2,750  
Effective interest rate 3.29% 3.29% 3.29%  
Fixed Rate Senior Notes Due March 2028 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,000      
Stated interest rate percentage 2.30% 2.30%    
Maturity date Mar. 25, 2028      
Date of issuance Mar. 31, 2021      
Notes payable and other borrowings $ 2,000   $ 2,000  
Effective interest rate 2.36% 2.36% 2.36%  
Fixed-Rate Senior Notes Due May 2028 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 750      
Stated interest rate percentage 4.50% 4.50%    
Maturity date May 31, 2028      
Date of issuance Feb. 06, 2023      
Notes payable and other borrowings $ 750   $ 750  
Effective interest rate 4.60% 4.60% 4.60%  
Fixed-Rate Senior Notes Due August 2028 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value [3] $ 1,500      
Stated interest rate percentage [3] 4.80% 4.80%    
Maturity date Aug. 03, 2028      
Date of issuance Feb. 03, 2025      
Notes payable and other borrowings [3] $ 1,500   $ 0  
Effective interest rate [3] 4.94% 4.94%    
Fixed-Rate Senior Notes Due September 2029 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value [3] $ 1,500      
Stated interest rate percentage [3] 4.20% 4.20%    
Maturity date Sep. 27, 2029      
Date of issuance Sep. 27, 2024      
Notes payable and other borrowings [3] $ 1,500   0  
Effective interest rate [3] 4.27% 4.27%    
Fixed-Rate Senior Notes Due November 2029 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,250      
Stated interest rate percentage 6.15% 6.15%    
Maturity date Nov. 09, 2029      
Date of issuance Nov. 09, 2022      
Notes payable and other borrowings $ 1,250   $ 1,250  
Effective interest rate 6.21% 6.21% 6.21%  
Fixed Rate Senior Notes Due April 2030 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,250      
Stated interest rate percentage 2.95% 2.95%    
Maturity date Apr. 01, 2030      
Date of issuance Apr. 01, 2020      
Notes payable and other borrowings $ 3,250   $ 3,250  
Effective interest rate 3.00% 3.00% 3.00%  
Fixed-Rate Senior Notes Due May 2030 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 750      
Stated interest rate percentage 4.65% 4.65%    
Maturity date May 31, 2030      
Date of issuance Feb. 06, 2023      
Notes payable and other borrowings $ 750   $ 750  
Effective interest rate 4.75% 4.75% 4.75%  
Fixed-Rate Senior Notes Due May 2030 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 500      
Stated interest rate percentage 3.25% 3.25%    
Maturity date May 15, 2030      
Date of issuance May 05, 2015      
Notes payable and other borrowings $ 500   $ 500  
Effective interest rate 3.35% 3.35% 3.35%  
Fixed-Rate Senior Notes Due March 2031 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,250      
Stated interest rate percentage 2.875% 2.875%    
Maturity date Mar. 31, 2031      
Date of issuance Mar. 31, 2021      
Notes payable and other borrowings $ 3,250   $ 3,250  
Effective interest rate 2.92% 2.92% 2.92%  
Fixed-Rate Senior Notes Due February 2032 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value [3] $ 1,250      
Stated interest rate percentage [3] 5.25% 5.25%    
Maturity date Feb. 03, 2032      
Date of issuance Feb. 03, 2025      
Notes payable and other borrowings [3] $ 1,250   $ 0  
Effective interest rate [3] 5.36% 5.36%    
Fixed-Rate Senior Notes Due November 2032 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,250      
Stated interest rate percentage 6.25% 6.25%    
Maturity date Nov. 09, 2032      
Date of issuance Nov. 09, 2022      
Notes payable and other borrowings $ 2,250   $ 2,250  
Effective interest rate 6.32% 6.32% 6.32%  
Fixed-Rate Senior Notes Due February 2033 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,500      
Stated interest rate percentage 4.90% 4.90%    
Maturity date Feb. 28, 2033      
Date of issuance Feb. 06, 2023      
Notes payable and other borrowings $ 1,500   $ 1,500  
Effective interest rate 4.95% 4.95% 4.95%  
Fixed-Rate Senior Notes Due July 2034 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,750      
Stated interest rate percentage 4.30% 4.30%    
Maturity date Jul. 08, 2034      
Date of issuance Jul. 08, 2014      
Notes payable and other borrowings $ 1,750   $ 1,750  
Effective interest rate 4.30% 4.30% 4.30%  
Fixed-Rate Senior Notes Due September 2034 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value [3] $ 1,750      
Stated interest rate percentage [3] 4.70% 4.70%    
Maturity date Sep. 27, 2034      
Date of issuance Sep. 27, 2024      
Notes payable and other borrowings [3] $ 1,750   $ 0  
Effective interest rate [3] 4.77% 4.77%    
Fixed-Rate Senior Notes Due May 2035 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,250      
Stated interest rate percentage 3.90% 3.90%    
Maturity date May 15, 2035      
Date of issuance May 05, 2015      
Notes payable and other borrowings $ 1,250   $ 1,250  
Effective interest rate 4.00% 4.00% 4.00%  
Fixed-Rate Senior Notes Due August 2035 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value [3] $ 1,750      
Stated interest rate percentage [3] 5.50% 5.50%    
Maturity date Aug. 03, 2035      
Date of issuance Feb. 03, 2025      
Notes payable and other borrowings [3] $ 1,750   $ 0  
Effective interest rate [3] 5.55% 5.55%    
Fixed-Rate Senior Notes Due July 2036 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,250      
Stated interest rate percentage 3.85% 3.85%    
Maturity date Jul. 15, 2036      
Date of issuance Jul. 07, 2016      
Notes payable and other borrowings $ 1,250   $ 1,250  
Effective interest rate 3.89% 3.89% 3.89%  
Fixed-Rate Senior Notes Due November 2037 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,750      
Stated interest rate percentage 3.80% 3.80%    
Maturity date Nov. 15, 2037      
Date of issuance Nov. 09, 2017      
Notes payable and other borrowings $ 1,750   $ 1,750  
Effective interest rate 3.86% 3.86% 3.86%  
Fixed-Rate Senior Notes Due April 2038 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,250      
Stated interest rate percentage 6.50% 6.50%    
Maturity date Apr. 15, 2038      
Date of issuance Apr. 09, 2008      
Notes payable and other borrowings $ 1,250   $ 1,250  
Effective interest rate 6.51% 6.51% 6.51%  
Fixed-Rate Senior Notes Due July 2039 [Member        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,250      
Stated interest rate percentage 6.125% 6.125%    
Maturity date Jul. 08, 2039      
Date of issuance Jul. 08, 2009      
Notes payable and other borrowings $ 1,250   $ 1,250  
Effective interest rate 6.17% 6.17% 6.17%  
Fixed-Rate Senior Notes Due April 2040 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,000      
Stated interest rate percentage 3.60% 3.60%    
Maturity date Apr. 01, 2040      
Date of issuance Apr. 01, 2020      
Notes payable and other borrowings $ 3,000   $ 3,000  
Effective interest rate 3.64% 3.64% 3.64%  
Fixed-Rate senior notes due July 2040 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,250      
Stated interest rate percentage 5.375% 5.375%    
Maturity date Jul. 15, 2040      
Date of issuance Jul. 12, 2010      
Notes payable and other borrowings $ 2,250   $ 2,250  
Effective interest rate 5.45% 5.45% 5.45%  
Fixed-Rate Senior Notes Due March 2041 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,250      
Stated interest rate percentage 3.65% 3.65%    
Maturity date Mar. 25, 2041      
Date of issuance Mar. 31, 2021      
Notes payable and other borrowings $ 2,250   $ 2,250  
Effective interest rate 3.72% 3.72% 3.72%  
Fixed-Rate Senior Notes Due July 2044 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,000      
Stated interest rate percentage 4.50% 4.50%    
Maturity date Jul. 08, 2044      
Date of issuance Jul. 08, 2014      
Notes payable and other borrowings $ 1,000   $ 1,000  
Effective interest rate 4.50% 4.50% 4.50%  
Fixed-Rate Senior Notes Due May 2045 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,000      
Stated interest rate percentage 4.125% 4.125%    
Maturity date May 15, 2045      
Date of issuance May 05, 2015      
Notes payable and other borrowings $ 2,000   $ 2,000  
Effective interest rate 4.20% 4.20% 4.20%  
Fixed-Rate Senior Notes Due July 2046 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,000      
Stated interest rate percentage 4.00% 4.00%    
Maturity date Jul. 15, 2046      
Date of issuance Jul. 07, 2016      
Notes payable and other borrowings $ 3,000   $ 3,000  
Effective interest rate 4.03% 4.03% 4.03%  
Fixed-Rate Senior Notes Due November 2047 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,250      
Stated interest rate percentage 4.00% 4.00%    
Maturity date Nov. 15, 2047      
Date of issuance Nov. 09, 2017      
Notes payable and other borrowings $ 2,250   $ 2,250  
Effective interest rate 4.05% 4.05% 4.05%  
Fixed-Rate Senior Notes Due April 2050 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 4,500      
Stated interest rate percentage 3.60% 3.60%    
Maturity date Apr. 01, 2050      
Date of issuance Apr. 01, 2020      
Notes payable and other borrowings $ 4,500   $ 4,500  
Effective interest rate 3.64% 3.64% 3.64%  
Fixed-Rate Senior Notes Due March 2051 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,250      
Stated interest rate percentage 3.95% 3.95%    
Maturity date Mar. 25, 2051      
Date of issuance Mar. 31, 2021      
Notes payable and other borrowings $ 3,250   $ 3,250  
Effective interest rate 3.98% 3.98% 3.98%  
Fixed-Rate Senior Notes Due November 2052 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,500      
Stated interest rate percentage 6.90% 6.90%    
Maturity date Nov. 09, 2052      
Date of issuance Nov. 09, 2022      
Notes payable and other borrowings $ 2,500   $ 2,500  
Effective interest rate 6.94% 6.94% 6.94%  
Fixed-Rate Senior Notes Due February 2053 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 2,250      
Stated interest rate percentage 5.55% 5.55%    
Maturity date Feb. 28, 2053      
Date of issuance Feb. 06, 2023      
Notes payable and other borrowings $ 2,250   $ 2,250  
Effective interest rate 5.62% 5.62% 5.62%  
Fixed-Rate Senior Notes Due September 2054 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value [3] $ 1,750      
Stated interest rate percentage [3] 5.375% 5.375%    
Maturity date Sep. 27, 2054      
Date of issuance Sep. 27, 2024      
Notes payable and other borrowings [3] $ 1,750   $ 0  
Effective interest rate [3] 5.43% 5.43%    
Fixed-Rate Senior Notes Due May 2055 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,250      
Stated interest rate percentage 4.375% 4.375%    
Maturity date May 15, 2055      
Date of issuance May 05, 2015      
Notes payable and other borrowings $ 1,250   $ 1,250  
Effective interest rate 4.44% 4.44% 4.44%  
Fixed-Rate Senior Notes Due August 2055 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value [3] $ 1,750      
Stated interest rate percentage [3] 6.00% 6.00%    
Maturity date Aug. 03, 2055      
Date of issuance Feb. 03, 2025      
Notes payable and other borrowings [3] $ 1,750   $ 0  
Effective interest rate [3] 6.04% 6.04%    
Fixed-Rate Senior Notes Due April 2060 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 3,500      
Stated interest rate percentage 3.85% 3.85%    
Maturity date Apr. 01, 2060      
Date of issuance Apr. 01, 2020      
Notes payable and other borrowings $ 3,500   $ 3,500  
Effective interest rate 3.89% 3.89% 3.89%  
Fixed-Rate Senior Notes Due March 2061 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,500      
Stated interest rate percentage 4.10% 4.10%    
Maturity date Mar. 25, 2061      
Date of issuance Mar. 31, 2021      
Notes payable and other borrowings $ 1,500   $ 1,500  
Effective interest rate 4.13% 4.13% 4.13%  
Fixed-Rate Senior Notes Due September 2064 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value [3] $ 1,250      
Stated interest rate percentage [3] 5.50% 5.50%    
Maturity date Sep. 27, 2064      
Date of issuance Sep. 27, 2024      
Notes payable and other borrowings [3] $ 1,250   $ 0  
Effective interest rate [3] 5.55% 5.55%    
Fixed-Rate Senior Notes Due August 2065 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value [3] $ 1,000      
Stated interest rate percentage [3] 6.125% 6.125%    
Maturity date Aug. 03, 2065      
Date of issuance Feb. 03, 2025      
Notes payable and other borrowings [3] $ 1,000   0  
Effective interest rate [3] 6.17% 6.17%    
Floating-rate senior notes due August 2028 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value [3] $ 500      
Stated interest rate percentage [3] 0.76% 0.76%    
Maturity date Aug. 03, 2028      
Date of issuance Feb. 03, 2025      
Notes payable and other borrowings [3] $ 500   0  
Effective interest rate [3] 5.28% 5.28%    
Other borrowings due August 2025 [Member]        
Debt Instrument [Line Items]        
Maturity date Aug. 31, 2025      
Date of issuance Nov. 07, 2016      
Notes payable and other borrowings $ 113   $ 113  
Effective interest rate 3.53% 3.53% 3.53%  
$790, SOFR plus 1.70%, due August 2025 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value [4] $ 790      
Stated interest rate percentage [4] 1.70% 1.70%    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]      
Maturity date Aug. 16, 2025      
Date of issuance Aug. 16, 2022      
Notes payable and other borrowings [4] $ 0   $ 790  
Effective interest rate [4]     6.99%  
$170, SOFR plus 1.70%, due August 2025 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 170      
Stated interest rate percentage 1.70% 1.70%    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]      
Maturity date Aug. 16, 2025      
Date of issuance Nov. 02, 2022      
Notes payable and other borrowings $ 0   $ 170  
Effective interest rate     6.98%  
$3,570, SOFR plus 1.70%, due August 2027 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value [4] $ 3,570      
Stated interest rate percentage [4] 1.70% 1.70%    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]      
Maturity date Aug. 16, 2027      
Date of issuance Aug. 16, 2022      
Notes payable and other borrowings [4] $ 0   $ 3,570  
Effective interest rate [4]     6.99%  
$1,100, SOFR plus 1.70%, due August 2027 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value $ 1,100      
Stated interest rate percentage 1.70% 1.70%    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]      
Maturity date Aug. 16, 2027      
Date of issuance Nov. 02, 2022      
Notes payable and other borrowings $ 0   $ 1,100  
Effective interest rate     6.98%  
$5,630, SOFR plus 1.35%, due August 2027 [Member]        
Debt Instrument [Line Items]        
Senior notes and other borrowings, par value [4] $ 5,630      
Stated interest rate percentage [4] 1.35% 1.35%    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]      
Maturity date Aug. 16, 2027      
Date of issuance Jun. 06, 2024      
Notes payable and other borrowings [4] $ 5,419   $ 0  
Effective interest rate [4] 6.10% 6.10%    
Commercial Paper Notes [Member]        
Debt Instrument [Line Items]        
Notes payable and other borrowings $ 2,294   $ 401  
Effective interest rate 4.88% 4.88% 5.43%  
[1] 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.
[2] 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.
[3] 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.
[4] 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.