| Notes Payable and Other Borrowings |
Notes payable and other borrowings consisted of the following:
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May 31, |
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2026 |
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2025 |
(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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€750, 3.125%, due July 2025(1) |
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July 2013 |
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$ |
— |
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N.A |
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$ |
841 |
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3.17% |
$1,000, 5.80%, due November 2025 |
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November 2022 |
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— |
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N.A |
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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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— |
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N.A |
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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 |
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February 2025 |
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1,500 |
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4.94% |
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1,500 |
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4.94% |
$3,000, 4.55%, due February 2029(3) |
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February 2026 |
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3,000 |
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4.74% |
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— |
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N.A |
$1,500, 4.20%, due September 2029 |
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September 2024 |
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1,500 |
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4.27% |
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1,500 |
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4.27% |
$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% |
$3,000, 4.45%, due September 2030(3) |
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September 2025 |
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3,000 |
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4.55% |
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— |
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N.A |
$3,500, 4.95%, due February 2031(3) |
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February 2026 |
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3,500 |
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5.08% |
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— |
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N.A |
$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 |
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February 2025 |
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1,250 |
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5.36% |
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1,250 |
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5.36% |
$3,000, 4.80%, due September 2032(3) |
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September 2025 |
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3,000 |
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4.87% |
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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% |
$3,000, 5.35%, due May 2033(3) |
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February 2026 |
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3,000 |
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5.42% |
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— |
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N.A |
$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 |
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September 2024 |
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1,750 |
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4.77% |
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1,750 |
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4.77% |
$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 |
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February 2025 |
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1,750 |
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5.55% |
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1,750 |
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5.55% |
$4,000, 5.20%, due September 2035(3) |
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September 2025 |
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4,000 |
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5.25% |
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— |
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N.A |
$5,000, 5.70%, due February 2036(3) |
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February 2026 |
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5,000 |
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5.78% |
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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% |
$2,500, 5.875%, due September 2045(3) |
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September 2025 |
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2,500 |
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5.91% |
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— |
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N.A |
$2,250, 6.55%, due February 2046(3) |
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February 2026 |
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2,250 |
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6.59% |
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— |
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N.A |
$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% |
$1,750, 5.375%, due September 2054 |
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September 2024 |
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1,750 |
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5.43% |
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1,750 |
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5.43% |
$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 |
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February 2025 |
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1,750 |
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6.04% |
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1,750 |
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6.04% |
$3,500, 5.95%, due September 2055(3) |
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September 2025 |
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3,500 |
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6.05% |
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— |
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N.A |
$5,000, 6.70%, due February 2056(3) |
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February 2026 |
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5,000 |
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6.74% |
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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% |
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May 31, |
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|
|
|
2026 |
|
2025 |
(Amounts in millions) |
|
Date of
Issuance |
|
Amount |
|
|
Effective
Interest
Rate |
|
Amount |
|
|
Effective
Interest
Rate |
$1,250, 5.50%, due September 2064 |
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September 2024 |
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1,250 |
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5.55% |
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1,250 |
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5.55% |
$1,000, 6.125%, due August 2065 |
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February 2025 |
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1,000 |
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6.17% |
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1,000 |
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6.17% |
$2,000, 6.10%, due September 2065(3) |
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September 2025 |
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2,000 |
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6.17% |
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— |
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N.A |
$2,750, 6.85%, due February 2066(3) |
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February 2026 |
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2,750 |
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6.89% |
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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 |
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February 2025 |
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500 |
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4.43% |
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500 |
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5.28% |
$500, Compounded SOFR plus 1.11%, due February 2029(3) |
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February 2026 |
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500 |
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4.78% |
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— |
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N.A |
Term loan credit agreements: |
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$5,630, SOFR plus 1.35%, due August 2027(2) |
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June 2024 |
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5,137 |
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5.29% |
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5,419 |
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6.10% |
Commercial paper notes |
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1,468 |
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4.35% |
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2,294 |
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4.88% |
Other borrowings due August 2025 |
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November 2016 |
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— |
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N.A |
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113 |
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3.53% |
Total senior notes and other borrowings |
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$ |
130,105 |
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$ |
92,917 |
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Unamortized discount/issuance costs |
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(564 |
) |
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(348 |
) |
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Hedge accounting fair value adjustments(1) |
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— |
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(1 |
) |
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Total notes payable and other borrowings |
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$ |
129,541 |
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$ |
92,568 |
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Notes payable and other borrowings, current |
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$ |
7,199 |
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$ |
7,271 |
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Notes payable and other borrowings, non-current |
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$ |
122,342 |
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$ |
85,297 |
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(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 after consideration of the cross-currency interest rate swap agreements were 7.77% for the July 2025 Notes. Refer to Note 1 for a description of our accounting for fair value hedges. The July 2025 Notes were repaid in full upon maturity in July 2025. (2)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 2026 and 2025, for borrowings under the Term Loan Credit Agreement 2 (defined below). Refer to Note 1 for a description of our accounting for cash flow hedges. (3)In fiscal 2026, we issued $43.0 billion of senior notes for general corporate purposes, which may include capital expenditures, repayment of indebtedness, future investments or acquisitions and payment of cash dividends on or repurchases of our common stock.
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