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Risk Management and Derivatives (Tables) | 6 Months Ended
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Nov. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables present information about the Company’s derivative assets and liabilities measured at fair value on a recurring basis as of November 30, 2014 and May 31, 2014, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement.
| As of November 30, 2014
|  | Derivative Assets |  | Derivative Liabilities
(In millions) |  | Assets at Fair Value |  | Other Current Assets |  | Other Long-term Assets |  | Liabilities at Fair Value |  | Accrued Liabilities |  | Other Long-term Liabilities
Level 2: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forwards and options(1) |  | $ | 635 |  |  | $ | 465 |  |  | $ | 170 |  |  | $ | 58 |  |  | $ | 55 |  |  | $ | 3 |
Embedded derivatives |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Interest rate swap contracts |  | 4 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |
TOTAL |  | $ | 640 |  |  | $ | 470 |  |  | $ | 170 |  |  | $ | 58 |  |  | $ | 55 |  |  | $ | 3 |
(1) | The Company’s derivative financial instruments are subject to master netting arrangements that allow for the offset of assets and liabilities in the event of default or early termination of the contract. The Company elects to record the gross assets and liabilities of its derivative financial instruments on the Unaudited Condensed Consolidated Balance Sheets. If the derivative financial instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $58 million. At November 30, 2014, the Company had received from various counterparties $170 million of cash collateral; this amount has been recorded in Cash and equivalents and Accrued liabilities, the latter of which would also net against the Company's derivative asset balance. No amount of collateral was posted on the Company’s derivative liability balance.
| As of May 31, 2014
|  | Derivative Assets |  | Derivative Liabilities
(In millions) |  | Assets at Fair Value |  | Other Current Assets |  | Other Long-term Assets |  | Liabilities at Fair Value |  | Accrued Liabilities |  | Other Long-term Liabilities
Level 2: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forwards and options(1) |  | $ | 127 |  |  | $ | 101 |  |  | $ | 26 |  |  | $ | 85 |  |  | $ | 84 |  |  | $ | 1 |
Interest rate swap contracts |  | 6 |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |
TOTAL |  | $ | 133 |  |  | $ | 101 |  |  | $ | 32 |  |  | $ | 85 |  |  | $ | 84 |  |  | $ | 1 |
(1) | The Company’s derivative financial instruments are subject to master netting arrangements that allow for the offset of assets and liabilities in the event of default or early termination of the contract. The Company elects to record the gross assets and liabilities of its derivative financial instruments on the Consolidated Balance Sheets. If the derivative financial instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $63 million. No amounts of collateral were received or posted on the Company’s derivative assets and liabilities as of May 31, 2014.
The following table presents the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets as of November 30, 2014 and May 31, 2014:
|  | Derivative Assets |  | Derivative Liabilities
(In millions) |  | Balance Sheet Location |  | November 30, 2014 |  | May 31, 2014 |  | Balance Sheet Location |  | November 30, 2014 |  | May 31, 2014
Derivatives formally designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forwards and options |  | Prepaid expenses and other current assets |  | $ | 382 |  |  | $ | 76 |  |  | Accrued liabilities |  | $ | 38 |  |  | $ | 57 |
Interest rate swap contracts |  | Prepaid expenses and other current assets |  | 4 |  |  | — |  |  | Accrued liabilities |  | — |  |  | — |
Foreign exchange forwards and options |  | Deferred income taxes and other assets |  | 170 |  |  | 26 |  |  | Deferred income taxes and other liabilities |  | 3 |  |  | 1 |
Interest rate swap contracts |  | Deferred income taxes and other assets |  | — |  |  | 6 |  |  | Deferred income taxes and other liabilities |  | — |  |  | — |
Total derivatives formally designated as hedging instruments |  |  |  | 556 |  |  | 108 |  |  |  |  | 41 |  |  | 58 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forwards and options |  | Prepaid expenses and other current assets |  | 83 |  |  | 25 |  |  | Accrued liabilities |  | 17 |  |  | 27 |
Embedded derivatives |  | Prepaid expenses and other current assets |  | 1 |  |  | — |  |  | Accrued liabilities |  | — |  |  | — |
Total derivatives not designated as hedging instruments |  |  |  | 84 |  |  | 25 |  |  |  |  | 17 |  |  | 27 |
TOTAL DERIVATIVES |  |  |  | $ | 640 |  |  | $ | 133 |  |  |  |  | $ | 58 |  |  | $ | 85 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables present the amounts affecting the Unaudited Condensed Consolidated Statements of Income for the three and six months ended November 30, 2014 and 2013:
(In millions) | Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives(1) |  | Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income(1)
Three Months Ended November 30, 2014 |  | Six Months Ended November 30, 2014 |  | Location of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income(1) |  | Three Months Ended November 30, 2014 |  | Six Months Ended November 30, 2014
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Foreign exchange forwards and options | $ | (4 | ) |  | $ | (42 | ) |  | Revenues |  | $ | (19 | ) |  | $ | (36 | )
Foreign exchange forwards and options | 280 |  |  | 399 |  |  | Cost of sales |  | 21 |  |  | 13 |
Foreign exchange forwards and options | — |  |  | — |  |  | Total selling and administrative expense |  | — |  |  | — |
Foreign exchange forwards and options | 103 |  |  | 140 |  |  | Other expense (income), net |  | 13 |  |  | 18 |
Total designated cash flow hedges | $ | 379 |  |  | $ | 497 |  |  |  |  | $ | 15 |  |  | $ | (5 | )
(1) | For the three and six months ended November 30, 2014, the amounts recorded in Other expense (income), net as a result of hedge ineffectiveness and the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
(In millions) | Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives(1) |  | Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income(1)
Three Months Ended November 30, 2013 |  | Six Months Ended November 30, 2013 |  | Location of Gain (Loss) Reclassified From Accumulated Other Comprehensive Income into Income(1) |  | Three Months Ended November 30, 2013 |  | Six Months Ended November 30, 2013
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |  |
Foreign exchange forwards and options | $ | (16 | ) |  | $ | (19 | ) |  | Revenues |  | $ | 7 |  |  | $ | 21 |
Foreign exchange forwards and options | (64 | ) |  | (88 | ) |  | Cost of sales |  | 7 |  |  | 23 |
Foreign exchange forwards and options | 2 |  |  | 3 |  |  | Total selling and administrative expense |  | — |  |  | — |
Foreign exchange forwards and options | (16 | ) |  | (23 | ) |  | Other expense (income), net |  | 6 |  |  | 11 |
Total designated cash flow hedges | $ | (94 | ) |  | $ | (127 | ) |  |  |  | $ | 20 |  |  | $ | 55 |
(1) | For the three and six months ended November 30, 2013, the amounts recorded in Other expense (income), net as a result of hedge ineffectiveness and the discontinuance of cash flow hedges because the forecasted transactions were no longer probable of occurring were immaterial.
|  | Amount of Gain (Loss) Recognized in Income on Derivatives |  | Location of Gain (Loss) Recognized in Income on Derivatives
|  | Three Months Ended November 30, |  | Six Months Ended November 30, |
(In millions) |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Derivatives designated as fair value hedges: |  |  |  |  |  |  |  |  |  |
Interest rate swaps(1) |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |  |  | Interest expense (income), net
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Foreign exchange forwards and options |  | $ | 185 |  |  | $ | (24 | ) |  | $ | 278 |  |  | $ | (39 | ) |  | Other expense (income), net
Embedded derivatives |  | $ | 2 |  |  | $ | (1 | ) |  | $ | 1 |  |  | $ | (1 | ) |  | Other expense (income), net
(1) | All interest rate swap agreements meet the shortcut method requirements under the accounting standards for derivatives and hedging. Accordingly, changes in the fair values of the interest rate swap agreements are considered to exactly offset changes in the fair value of the underlying long-term debt. Refer to “Fair Value Hedges” in this note for additional detail.

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 + Details
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