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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended
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Nov. 30, 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 August 31, 2022 | $ | (746) |  | $ | 1,334 |  | $ | 115 |  | $ | (67) |  | $ | 636 |
Other comprehensive income (loss): |  |  |  |  |
Other comprehensive gains (losses) before reclassifications(2) | 45 |  | (138) |  | — |  | (24) |  | (117) |
Reclassifications to net income of previously deferred (gains) losses(3) | 309 |  | (263) |  | — |  | (6) |  | 40 |
Total other comprehensive income (loss) | 354 |  | (401) |  | — |  | (30) |  | (77) |
Balance at November 30, 2022 | $ | (392) |  | $ | 933 |  | $ | 115 |  | $ | (97) |  | $ | 559 |
(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, $11 million, $0 million, $6 million and $17 million, respectively. (3)Net of tax (benefit) expense of $(16) million, $35 million, $0 million, $3 million and $22 million, respectively.
(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 May 31, 2022 | $ | (520) |  | $ | 779 |  | $ | 115 |  | $ | (56) |  | $ | 318 |
Other comprehensive income (loss): |  |  |  |  |
Other comprehensive gains (losses) before reclassifications(2) | (227) |  | 578 |  | — |  | (27) |  | 324 |
Reclassifications to net income of previously deferred (gains) losses(3) | 355 |  | (424) |  | — |  | (14) |  | (83) |
Total other comprehensive income (loss) | 128 |  | 154 |  | — |  | (41) |  | 241 |
Balance at November 30, 2022 | $ | (392) |  | $ | 933 |  | $ | 115 |  | $ | (97) |  | $ | 559 |
(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, $(73) million, $0 million, $7 million and $(66) million, respectively. (3)Net of tax (benefit) expense of $(16) million, $53 million, $0 million, $6 million and $43 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.
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) | 2022 | 2021 |  | 2022 | 2021
Gains (losses) on foreign currency translation adjustment | $ | (325) |  | $ | — |  |  | $ | (371) |  | $ | — |  | Other (income) expense, net
Total before tax | (325) |  | — |  |  | (371) |  | — |  |
Tax (expense) benefit | 16 |  | — |  |  | 16 |  | — |  |
Gain (loss) net of tax | (309) |  | — |  |  | (355) |  | — |  |
Gains (losses) on cash flow hedges: |  |  |  |  |  |
Foreign exchange forwards and options | $ | 4 |  | $ | (20) |  |  | $ | (5) |  | $ | (41) |  | Revenues
Foreign exchange forwards and options | 173 |  | (30) |  |  | 282 |  | (96) |  | Cost of sales
Foreign exchange forwards and options | (2) |  | — |  |  | (3) |  | 1 |  | Demand creation expense
Foreign exchange forwards and options | 125 |  | 20 |  |  | 207 |  | 11 |  | Other (income) expense, net
Interest rate swaps | (2) |  | (1) |  |  | (4) |  | (3) |  | Interest expense (income), net
Total before tax | 298 |  | (31) |  |  | 477 |  | (128) |  |
Tax (expense) benefit | (35) |  | 1 |  |  | (53) |  | 9 |  |
Gain (loss) net of tax | 263 |  | (30) |  |  | 424 |  | (119) |  |
Gains (losses) on other | 9 |  | 8 |  |  | 20 |  | 14 |  | Other (income) expense, net
Total before tax | 9 |  | 8 |  |  | 20 |  | 14 |  |
Tax (expense) benefit | (3) |  | (3) |  |  | (6) |  | (4) |  |
Gain (loss) net of tax | 6 |  | 5 |  |  | 14 |  | 10 |  |
Total net gain (loss) reclassified for the period | $ | (40) |  | $ | (25) |  |  | $ | 83 |  | $ | (109) |  |

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