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Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended
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May 31, 2023
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) | (91) |  | 487 |  | — |  | (20) |  | 376 |
Reclassifications to net income of previously deferred (gains) losses(3) | 358 | (835) | — |  | 14 | (463)
Total other comprehensive income (loss) | 267 |  | (348) |  | — |  | (6) |  | (87) |
Balance at May 31, 2023 | $ | (253) |  | $ | 431 |  | $ | 115 |  | $ | (62) |  | $ | 231 |
(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, $(40) million, $0 million, $6 million and $(34) million, respectively. (3)Net of tax (benefit) expense of $(16) million, $97 million, $0 million, $(5) million and $76 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) | (522) |  | 1,222 |  | — |  | 28 |  | 728 |
Reclassifications to net income of previously deferred (gains) losses(3) | — |  | (8) |  | — |  | (22) |  | (30) |
Total other comprehensive income (loss) | (522) |  | 1,214 |  | — |  | 6 |  | 698 |
Balance at May 31, 2022 | $ | (520) |  | $ | 779 |  | $ | 115 |  | $ | (56) |  | $ | 318 |
(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, $(114) million, $0 million, $(9) million and $(123) million, respectively. (3)Net of tax (benefit) expense of $0 million, $11 million, $0 million, $9 million and $20 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) | 2023 | 2022
Gains (losses) on foreign currency translation adjustment | $ | (374) |  | $ | — |  | Other (income) expense, net
Total before tax | (374) | — |  |
Tax (expense) benefit | 16 | — |  |
Gain (loss) net of tax | (358) | — |  |
Gains (losses) on cash flow hedges: |  |  |
Foreign exchange forwards and options | 26 |  | (82) |  | Revenues
Foreign exchange forwards and options | 581 |  | (23) |  | Cost of sales
Foreign exchange forwards and options | (5) |  | 1 |  | Demand creation expense
Foreign exchange forwards and options | 338 |  | 130 |  | Other (income) expense, net
Interest rate swaps | (8) | (7) |  | Interest expense (income), net
Total before tax | 932 | 19 |  |
Tax (expense) benefit | (97) | (11) |  |
Gain (loss) net of tax | 835 | 8 |  |
Gains (losses) on other | (19) | 31 |  | Other (income) expense, net
Total before tax | (19) | 31 |  |
Tax (expense) benefit | 5 | (9) |  |
Gain (loss) net of tax | (14) | 22 |  |
Total net gain (loss) reclassified for the period | $ | 463 |  | $ | 30 |  |

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