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Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended
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Nov. 30, 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 August 31, 2021 | $ | (126) |  | $ | 3 |  | $ | 115 |  | $ | (59) |  | $ | (67) |
Other comprehensive income (loss): |  |  |  |  |
Other comprehensive gains (losses) before reclassifications(2) | (155) |  | 336 |  | — |  | 6 |  | 187 |
Reclassifications to net income of previously deferred (gains) losses(3) | — |  | 30 |  | — |  | (5) |  | 25 |
Total other comprehensive income (loss) | (155) |  | 366 |  | — |  | 1 |  | 212 |
Balance at November 30, 2021 | $ | (281) |  | $ | 369 |  | $ | 115 |  | $ | (58) |  | $ | 145 |
(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, $(27) million, $0 million, $(2) million and $(29) million, respectively. (3)Net of tax (benefit) expense of $0 million, $(1) million, $0 million, $3 million and $2 million, respectively.
(Dollars in millions) | FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1) | CASH FLOW HEDGES | NET INVESTMENT HEDGES(1) | OTHER | TOTAL
Balance at August 31, 2020 | $ | (176) |  | $ | (268) |  | $ | 115 |  | $ | (72) |  | $ | (401) |
Other comprehensive income (loss): |  |  |  |  |
Other comprehensive gains (losses) before reclassifications(2) | 79 |  | (64) |  | — |  | (2) |  | 13 |
Reclassifications to net income of previously deferred (gains) losses(3) | (1) |  | (39) |  | — |  | (1) |  | (41) |
Total other comprehensive income (loss) | 78 |  | (103) |  | — |  | (3) |  | (28) |
Balance at November 30, 2020 | $ | (98) |  | $ | (371) |  | $ | 115 |  | $ | (75) |  | $ | (429) |
(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, $0 million and $(4) million, respectively. (3)Net of tax (benefit) expense of $0 million, $4 million, $0 million, $0 million and $4 million, respectively.
(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) | (283) |  | 685 |  | — |  | 14 |  | 416 |
Reclassifications to net income of previously deferred (gains) losses(3) | — |  | 119 |  | — |  | (10) |  | 109 |
Total other comprehensive income (loss) | (283) |  | 804 |  | — |  | 4 |  | 525 |
Balance at November 30, 2021 | $ | (281) |  | $ | 369 |  | $ | 115 |  | $ | (58) |  | $ | 145 |
(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, $(66) million, $0 million, $(4) million and $(70) million, respectively. (3)Net of tax (benefit) expense of $0 million, $(9) million, $0 million, $4 million and $(5) 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) | 397 |  | (590) |  | — |  | (15) |  | (208) |
Reclassifications to net income of previously deferred (gains) losses(3) | (1) |  | (171) |  | — |  | 7 |  | (165) |
Total other comprehensive income (loss) | 396 |  | (761) |  | — |  | (8) |  | (373) |
Balance at November 30, 2020 | $ | (98) |  | $ | (371) |  | $ | 115 |  | $ | (75) |  | $ | (429) |
(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, $0 million, $0 million, $1 million and $1 million, respectively. (3)Net of tax (benefit) expense of $0 million, $7 million, $0 million, $0 million and $7 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 NOVEMBER 30, |  | SIX MONTHS ENDED NOVEMBER 30,
(Dollars in millions) | 2021 | 2020 |  | 2021 | 2020
Gains (losses) on foreign currency translation adjustment | $ | — |  | $ | 1 |  |  | $ | — |  | $ | 1 |  | Other expense (income), net
Total before tax | — |  | 1 |  |  | — |  | 1 |  |
Tax (expense) benefit | — |  | — |  |  | — |  | — |  |
Gain (loss) net of tax | — |  | 1 |  |  | — |  | 1 |  |
Gains (losses) on cash flow hedges: |  |  |  |  |  |
Foreign exchange forwards and options | $ | (20) |  | $ | 26 |  |  | $ | (41) |  | $ | 40 |  | Revenues
Foreign exchange forwards and options | (30) |  | 31 |  |  | (96) |  | 145 |  | Cost of sales
Foreign exchange forwards and options | — |  | — |  |  | 1 |  | 1 |  | Demand creation expense
Foreign exchange forwards and options | 20 |  | (13) |  |  | 11 |  | (5) |  | Other (income) expense, net
Interest rate swaps | (1) |  | (1) |  |  | (3) |  | (3) |  | Interest expense (income), net
Total before tax | (31) |  | 43 |  |  | (128) |  | 178 |  |
Tax (expense) benefit | 1 |  | (4) |  |  | 9 |  | (7) |  |
Gain (loss) net of tax | (30) |  | 39 |  |  | (119) |  | 171 |  |
Gains (losses) on other | 8 |  | 1 |  |  | 14 |  | (7) |  | Other (income) expense, net
Total before tax | 8 |  | 1 |  |  | 14 |  | (7) |  |
Tax (expense) benefit | (3) |  | — |  |  | (4) |  | — |  |
Gain (loss) net of tax | 5 |  | 1 |  |  | 10 |  | (7) |  |
Total net gain (loss) reclassified for the period | $ | (25) |  | $ | 41 |  |  | $ | (109) |  | $ | 165 |  |

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