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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended
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Feb. 28, 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 November 30, 2022 | $ | (392) |  | $ | 933 |  | $ | 115 |  | $ | (97) |  | $ | 559 |
Other comprehensive income (loss): |  |  |  |  |
Other comprehensive gains (losses) before reclassifications(2) | 150 |  | (179) |  | — |  | — |  | (29) |
Reclassifications to net income of previously deferred (gains) losses(3) | 3 |  | (254) |  | — |  | 23 |  | (228) |
Total other comprehensive income (loss) | 153 |  | (433) |  | — |  | 23 |  | (257) |
Balance at February 28, 2023 | $ | (239) |  | $ | 500 |  | $ | 115 |  | $ | (74) |  | $ | 302 |
(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 $(3) million, respectively. (3)Net of tax (benefit) expense of $0 million, $29 million, $0 million, $(9) million and $20 million, respectively.
(Dollars in millions) | FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1) | CASH FLOW HEDGES | NET INVESTMENT HEDGES(1) | OTHER | TOTAL
Balance at November 30, 2021 | $ | (281) |  | $ | 369 |  | $ | 115 |  | $ | (58) |  | $ | 145 |
Other comprehensive income (loss): |  |  |  |  |
Other comprehensive gains (losses) before reclassifications(2) | (6) |  | 4 |  | — |  | (7) |  | (9) |
Reclassifications to net income of previously deferred (gains) losses(3) | — |  | (33) |  | — |  | (4) |  | (37) |
Total other comprehensive income (loss) | (6) |  | (29) |  | — |  | (11) |  | (46) |
Balance at February 28, 2022 | $ | (287) |  | $ | 340 |  | $ | 115 |  | $ | (69) |  | $ | 99 |
(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, $6 million, $0 million, $2 million and $8 million, respectively. (3)Net of tax (benefit) expense of $0 million, $5 million, $0 million, $1 million and $6 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) | (77) |  | 399 |  | — |  | (27) |  | 295 |
Reclassifications to net income of previously deferred (gains) losses(3) | 358 |  | (678) |  | — |  | 9 |  | (311) |
Total other comprehensive income (loss) | 281 |  | (279) |  | — |  | (18) |  | (16) |
Balance at February 28, 2023 | $ | (239) |  | $ | 500 |  | $ | 115 |  | $ | (74) |  | $ | 302 |
(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, $(77) million, $0 million, $8 million and $(69) million, respectively. (3)Net of tax (benefit) expense of $(16) million, $82 million, $0 million, $(3) million and $63 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) | (289) |  | 689 |  | — |  | 7 |  | 407 |
Reclassifications to net income of previously deferred (gains) losses(3) | — |  | 86 |  | — |  | (14) |  | 72 |
Total other comprehensive income (loss) | (289) |  | 775 |  | — |  | (7) |  | 479 |
Balance at February 28, 2022 | $ | (287) |  | $ | 340 |  | $ | 115 |  | $ | (69) |  | $ | 99 |
(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, $(60) million, $0 million, $(2) million and $(62) million, respectively. (3)Net of tax (benefit) expense of $0 million, $(4) million, $0 million, $5 million and $1 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 FEBRUARY 28, |  | NINE MONTHS ENDED FEBRUARY 28,
(Dollars in millions) | 2023 | 2022 |  | 2023 | 2022
Gains (losses) on foreign currency translation adjustment | $ | (3) |  | $ | — |  |  | $ | (374) |  | $ | — |  | Other (income) expense, net
Total before tax | (3) |  | — |  |  | (374) |  | — |  |
Tax (expense) benefit | — |  | — |  |  | 16 |  | — |  |
Gain (loss) net of tax | (3) |  | — |  |  | (358) |  | — |  |
Gains (losses) on cash flow hedges: |  |  |  |  |  |
Foreign exchange forwards and options | $ | 14 |  | $ | (22) |  |  | $ | 9 |  | $ | (63) |  | Revenues
Foreign exchange forwards and options | 182 |  | 17 |  |  | 464 |  | (79) |  | Cost of sales
Foreign exchange forwards and options | (1) |  | — |  |  | (4) |  | 1 |  | Demand creation expense
Foreign exchange forwards and options | 90 |  | 45 |  |  | 297 |  | 56 |  | Other (income) expense, net
Interest rate swaps | (2) |  | (2) |  |  | (6) |  | (5) |  | Interest expense (income), net
Total before tax | 283 |  | 38 |  |  | 760 |  | (90) |  |
Tax (expense) benefit | (29) |  | (5) |  |  | (82) |  | 4 |  |
Gain (loss) net of tax | 254 |  | 33 |  |  | 678 |  | (86) |  |
Gains (losses) on other | (32) |  | 5 |  |  | (12) |  | 19 |  | Other (income) expense, net
Total before tax | (32) |  | 5 |  |  | (12) |  | 19 |  |
Tax (expense) benefit | 9 |  | (1) |  |  | 3 |  | (5) |  |
Gain (loss) net of tax | (23) |  | 4 |  |  | (9) |  | 14 |  |
Total net gain (loss) reclassified for the period | $ | 228 |  | $ | 37 |  |  | $ | 311 |  | $ | (72) |  |

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