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Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Feb. 28, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

NOTE 10 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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 November 30, 2020			$	(98)		$	(371)		$	115		$	(75)		$	(429)
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)			99			(163)			—			(6)			(70)
Reclassifications to net income of previously deferred (gains) losses(3)			(1)			46			—			8			53
Total other comprehensive income (loss)			98			(117)			—			2			(17)
Balance at February 28, 2021			$	—		$	(488)		$	115		$	(73)		$	(446)

(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, $(3) million, $0 million, $1 million, and $(2) million, respectively.

(3)Net of tax (benefit) expense of $0 million, $0 million, $0 million, $0 million and $0 million, respectively.

(Dollars in millions)			FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)			CASH FLOW HEDGES			NET INVESTMENT HEDGES(1)			OTHER			TOTAL
Balance at November 30, 2019			$	(407)		$	401		$	115		$	(57)		$	52
Other comprehensive income (loss):
Other comprehensive gains (losses) before reclassifications(2)			(43)			63			—			1			21
Reclassifications to net income of previously deferred (gains) losses(3)			1			(131)			—			—			(130)
Total other comprehensive income (loss)			(42)			(68)			—			1			(109)
Balance at February 29, 2020			$	(449)		$	333		$	115		$	(56)		$	(57)

(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, $(1) million, $0 million, $0 million and $(1) million, respectively.

(3)Net of tax (benefit) expense of $0 million, $0 million, $0 million, $0 million and $0 million, respectively.

(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)			496			(753)			—			(21)			(278)
Reclassifications to net income of previously deferred (gains) losses(3)			(2)			(125)			—			15			(112)
Total other comprehensive income (loss)			494			(878)			—			(6)			(390)
Balance at February 28, 2021			$	—		$	(488)		$	115		$	(73)		$	(446)

(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, $(3) million, $0 million, $2 million and $(1) million, respectively.

(3)Net of tax (benefit) expense of $0 million, $7 million, $0 million, $0 million and $7 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)			(104)			200			—			2			98
Reclassifications to net income of previously deferred (gains) losses(3)			1			(387)			—			—			(386)
Total other comprehensive income (loss)			(103)			(187)			—			2			(288)
Balance at February 29, 2020			$	(449)		$	333		$	115		$	(56)		$	(57)

(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, $(1) million, $0 million, $0 million and (1) million respectively.

(3)Net of tax (benefit) expense of $0 million, $0 million, $0 million, $0 million and 0 million respectively.

The following table summarizes the reclassifications from Accumulated other comprehensive income (loss) to the Unaudited Condensed 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
			THREE MONTHS ENDED									NINE MONTHS ENDED
(Dollars in millions)			FEBRUARY 28, 2021			FEBRUARY 29, 2020						FEBRUARY 28, 2021			FEBRUARY 29, 2020
Gains (losses) on foreign currency translation adjustment			$	1		$	(1)					$	2		$	(1)		Other expense (income), net
Total before tax			1			(1)						2			(1)
Tax (expense) benefit			—			—						—			—
Gain (loss) net of tax			1			(1)						2			(1)
Gains (losses) on cash flow hedges:
Foreign exchange forwards and options			$	16		$	(21)					$	56		$	(12)		Revenues
Foreign exchange forwards and options			(35)			110						110			287			Cost of sales
Foreign exchange forwards and options			1			—						2			(3)			Demand creation expense
Foreign exchange forwards and options			(26)			44						(31)			121			Other (income) expense, net
Interest rate swaps			(2)			(2)						(5)			(5)			Interest expense (income), net
Total before tax			(46)			131						132			388
Tax (expense)			—			—						(7)			(1)
Gain (loss) net of tax			(46)			131						125			387
Gains (losses) on other			(8)			—						(15)			—			Other (income) expense, net
Total before tax			(8)			—						(15)			—
Tax (expense)			—			—						—			—
Gain (loss) net of tax			(8)			—						(15)			—
Total net gain (loss) reclassified for the period			$	(53)		$	130					$	112		$	386

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- References

No definition available.

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- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section S99
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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