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Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended
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Aug. 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, 2021 | $ | 2 |  | $ | (435) |  | $ | 115 |  | $ | (62) |  | $ | (380) |
Other comprehensive income (loss): |  |  |  |  |
Other comprehensive gains (losses) before reclassifications(2) | (128) |  | 349 |  | — |  | 8 |  | 229 |
Reclassifications to net income of previously deferred (gains) losses(3) | — |  | 89 |  | — |  | (5) |  | 84 |
Total other comprehensive income (loss) | (128) |  | 438 |  | — |  | 3 |  | 313 |
Balance at August 31, 2021 | $ | (126) |  | $ | 3 |  | $ | 115 |  | $ | (59) |  | $ | (67) |
(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, $(39) million, $0 million, $(2) million, and $(41) million, respectively. (3)Net of tax (benefit) expense of $0 million, $(8) million, $0 million, $1 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, 2020 | $ | (494) |  | $ | 390 |  | $ | 115 |  | $ | (67) |  | $ | (56) |
Other comprehensive income (loss): |  |  |  |  |
Other comprehensive gains (losses) before reclassifications(2) | 318 |  | (526) |  | — |  | (13) |  | (221) |
Reclassifications to net income of previously deferred (gains) losses(3) | — |  | (132) |  | — |  | 8 |  | (124) |
Total other comprehensive income (loss) | 318 |  | (658) |  | — |  | (5) |  | (345) |
Balance at August 31, 2020 | $ | (176) |  | $ | (268) |  | $ | 115 |  | $ | (72) |  | $ | (401) |
(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, $4 million, $0 million, $1 million and $5 million, respectively. (3)Net of tax (benefit) expense of $0 million, $3 million, $0 million, $0 million and $3 million, respectively.
Reclassification out of Accumulated Other Comprehensive Income | 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 AUGUST 31, |  |
(Dollars in millions) | 2021 | 2020 |  |  |
Gains (losses) on cash flow hedges: |  |  |  |  |  |
Foreign exchange forwards and options | $ | (21) |  | $ | 14 |  |  |  |  | Revenues
Foreign exchange forwards and options | (66) |  | 114 |  |  |  |  | Cost of sales
Foreign exchange forwards and options | 1 |  | 1 |  |  |  |  | Demand creation expense
Foreign exchange forwards and options | (9) |  | 8 |  |  |  |  | Other (income) expense, net
Interest rate swaps | (2) |  | (2) |  |  |  |  | Interest expense (income), net
Total before tax | (97) |  | 135 |  |  |  |  |
Tax (expense) benefit | 8 |  | (3) |  |  |  |  |
Gain (loss) net of tax | (89) |  | 132 |  |  |  |  |
Gains (losses) on other | 6 |  | (8) |  |  |  |  | Other (income) expense, net
Total before tax | 6 |  | (8) |  |  |  |  |
Tax (expense) benefit | (1) |  | — |  |  |  |  |
Gain (loss) net of tax | 5 |  | (8) |  |  |  |  |
Total net gain (loss) reclassified for the period | $ | (84) |  | $ | 124 |  |  |  |  |

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