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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended
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Aug. 31, 2022
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, 2022 | $ | (520) |  | $ | 779 |  | $ | 115 |  | $ | (56) |  | $ | 318 |
Other comprehensive income (loss): |  |  |  |  |
Other comprehensive gains (losses) before reclassifications(2) | (272) |  | 716 |  | — |  | (3) |  | 441 |
Reclassifications to net income of previously deferred (gains) losses(3) | 46 |  | (161) |  | — |  | (8) |  | (123) |
Total other comprehensive income (loss) | (226) |  | 555 |  | — |  | (11) |  | 318 |
Balance at August 31, 2022 | $ | (746) |  | $ | 1,334 |  | $ | 115 |  | $ | (67) |  | $ | 636 |
(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, $(84) million, $0 million, $1 million and $(83) million, respectively. (3)Net of tax (benefit) expense of $0 million, $18 million, $0 million, $3 million and $21 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) | (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.
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) | 2022 | 2021
Gains (losses) on foreign currency translation adjustment | $ | (46) |  | $ | — |  | Other (income) expense, net
Total before tax | (46) |  | — |  |
Tax (expense) benefit | — |  | — |  |
Gain (loss) net of tax | (46) |  | — |  |
Gains (losses) on cash flow hedges: |  |  |
Foreign exchange forwards and options | $ | (9) |  | $ | (21) |  | Revenues
Foreign exchange forwards and options | 109 |  | (66) |  | Cost of sales
Foreign exchange forwards and options | (1) |  | 1 |  | Demand creation expense
Foreign exchange forwards and options | 82 |  | (9) |  | Other (income) expense, net
Interest rate swaps | (2) |  | (2) |  | Interest expense (income), net
Total before tax | 179 |  | (97) |  |
Tax (expense) benefit | (18) |  | 8 |  |
Gain (loss) net of tax | 161 |  | (89) |  |
Gains (losses) on other | 11 |  | 6 |  | Other (income) expense, net
Total before tax | 11 |  | 6 |  |
Tax (expense) benefit | (3) |  | (1) |  |
Gain (loss) net of tax | 8 |  | 5 |  |
Total net gain (loss) reclassified for the period | $ | 123 |  | $ | (84) |  |

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