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Accumulated Other Comprehensive Income (Tables) | 12 Months Ended
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May 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Schedule of Accumulated Other Comprehensive Income | The changes in Accumulated other comprehensive income (loss), net of tax, were as follows:
(Dollars in millions) | FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1) | CASH FLOW HEDGES | NET INVESTMENT HEDGES(1) | OTHER | TOTAL
Balance at May 31, 2020 | $ | (494) |  | $ | 390 |  | $ | 115 |  | $ | (67) |  | $ | (56) |
Other comprehensive income (loss): |  |  |  |  |
Other comprehensive gains (losses) before reclassifications(2) | 499 |  | (788) |  | — |  | (8) |  | (297) |
Reclassifications to net income of previously deferred (gains) losses(3) | (3) |  | (37) |  | — |  | 13 |  | (27) |
Total other comprehensive income (loss) | 496 |  | (825) |  | — |  | 5 |  | (324) |
Balance at May 31, 2021 | $ | 2 |  | $ | (435) |  | $ | 115 |  | $ | (62) |  | $ | (380) |
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity. (2)Net of tax benefit (expense) of $0 million, $(6) million, $0 million, $(1) million and $(7) million, respectively. (3)Net of tax (benefit) expense of $0 million, $8 million, $0 million, $0 million and $8 million, respectively.
(Dollars in millions) | FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1) | CASH FLOW HEDGES | NET INVESTMENT HEDGES(1) | OTHER | TOTAL
Balance at May 31, 2019 | $ | (346) |  | $ | 520 |  | $ | 115 |  | $ | (58) |  | $ | 231 |
Other comprehensive income (loss): |  |  |  |  |
Other comprehensive gains (losses) before reclassifications(2) | (149) |  | 387 |  | — |  | (8) |  | 230 |
Reclassifications to net income of previously deferred (gains) losses(3) | 1 |  | (517) |  | — |  | (1) |  | (517) |
Total other comprehensive income (loss) | (148) |  | (130) |  | — |  | (9) |  | (287) |
Balance at May 31, 2020 | $ | (494) |  | $ | 390 |  | $ | 115 |  | $ | (67) |  | $ | (56) |
(1)The accumulated foreign currency translation adjustment and net investment hedge gains/losses related to an investment in a foreign subsidiary are reclassified to Net income upon sale or upon complete or substantially complete liquidation of the respective entity. (2)Net of tax benefit (expense) of $0 million, $(15) million, $0 million, $1 million and $(14) million, respectively. (3)Net of tax (benefit) expense of $0 million, $2 million, $0 million, $0 million and $2 million, respectively.
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Consolidated Statements of Income:
| AMOUNT OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME | LOCATION OF GAIN (LOSS) RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) INTO INCOME
| YEAR ENDED MAY 31,
(Dollars in millions) | 2021 | 2020
Gains (losses) on foreign currency translation adjustment | $ | 3 |  | $ | (1) |  | Other (income) expense, net
Total before tax | 3 |  | (1) |  |
Tax (expense) benefit | — |  | — |  |
Gain (loss) net of tax | 3 |  | (1) |  |
Gains (losses) on cash flow hedges: |  |  |
Foreign exchange forwards and options | $ | 45 |  | (17) |  | Revenues
Foreign exchange forwards and options | 51 |  | 364 |  | Cost of sales
Foreign exchange forwards and options | 3 |  | (2) |  | Demand creation expense
Foreign exchange forwards and options | (47) |  | 181 |  | Other (income) expense, net
Interest rate swaps | (7) |  | (7) |  | Interest expense (income), net
Total before tax | 45 |  | 519 |  |
Tax (expense) benefit | (8) |  | (2) |  |
Gain (loss) net of tax | 37 |  | 517 |  |
Gains (losses) on other | (13) |  | 1 |  | Other (income) expense, net
Total before tax | (13) |  | 1 |  |
Tax (expense) benefit | — |  | — |  |
Gain (loss) net of tax | (13) |  | 1 |  |
Total net gain (loss) reclassified for the period | $ | 27 |  | $ | 517 |  |

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