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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Feb. 28, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 28, 2023 and May 31, 2022, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
| FEBRUARY 28, 2023
(Dollars in millions) | ASSETS AT FAIR VALUE | CASH AND EQUIVALENTS | SHORT-TERM INVESTMENTS
Cash | $ | 1,105 |  | $ | 1,105 |  | $ | — |
Level 1: |  |  |
U.S. Treasury securities | 3,185 |  | 1 |  | 3,184 |
Level 2: |  |  |
Commercial paper and bonds | 583 |  | 8 |  | 575 |
Money market funds | 5,114 |  | 5,114 |  | — |
Time deposits | 781 |  | 727 |  | 54 |
U.S. Agency securities | 34 |  | — |  | 34 |
Total Level 2 | 6,512 |  | 5,849 |  | 663 |
TOTAL | $ | 10,802 |  | $ | 6,955 |  | $ | 3,847 |
| MAY 31, 2022
(Dollars in millions) | ASSETS AT FAIR VALUE | CASH AND EQUIVALENTS | SHORT-TERM INVESTMENTS
Cash | $ | 839 |  | $ | 839 |  | $ | — |
Level 1: |  |  |
U.S. Treasury securities | 3,801 |  | 8 |  | 3,793 |
Level 2: |  |  |
Commercial paper and bonds | 660 |  | 37 |  | 623 |
Money market funds | 6,458 |  | 6,458 |  | — |
Time deposits | 1,237 |  | 1,232 |  | 5 |
U.S. Agency securities | 2 |  | — |  | 2 |
Total Level 2 | 8,357 |  | 7,727 |  | 630 |
TOTAL | $ | 12,997 |  | $ | 8,574 |  | $ | 4,423 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables present information about the Company's derivative assets and liabilities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
| FEBRUARY 28, 2023
| DERIVATIVE ASSETS |  | DERIVATIVE LIABILITIES
(Dollars in millions) | ASSETS AT FAIR VALUE | OTHER CURRENT ASSETS | OTHER LONG-TERM ASSETS |  | LIABILITIES AT FAIR VALUE | ACCRUED LIABILITIES | OTHER LONG-TERM LIABILITIES
Level 2: |  |  |  |  |  |  |
Foreign exchange forwards and options(1) | $ | 651 |  | $ | 551 |  | $ | 100 |  |  | $ | 176 |  | $ | 112 |  | $ | 64 |
Embedded derivatives | 5 |  | 5 |  | — |  |  | 2 |  | 2 |  | — |
TOTAL | $ | 656 |  | $ | 556 |  | $ | 100 |  |  | $ | 178 |  | $ | 114 |  | $ | 64 |
(1)If the foreign exchange derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $175 million as of February 28, 2023. As of that date, the Company received $100 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of February 28, 2023.
| MAY 31, 2022
| DERIVATIVE ASSETS |  | DERIVATIVE LIABILITIES
(Dollars in millions) | ASSETS AT FAIR VALUE | OTHER CURRENT ASSETS | OTHER LONG-TERM ASSETS |  | LIABILITIES AT FAIR VALUE | ACCRUED LIABILITIES | OTHER LONG-TERM LIABILITIES
Level 2: |  |  |  |  |  |  |
Foreign exchange forwards and options(1) | $ | 875 |  | $ | 669 |  | $ | 206 |  |  | $ | 76 |  | $ | 65 |  | $ | 11 |
Embedded derivatives | 5 |  | 5 |  | — |  |  | 1 |  | 1 |  | — |
TOTAL | $ | 880 |  | $ | 674 |  | $ | 206 |  |  | $ | 77 |  | $ | 66 |  | $ | 11 |
(1)If the foreign exchange derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $76 million as of May 31, 2022. As of that date, the Company received $486 million of cash collateral from counterparties related to foreign exchange derivative instruments. No amount of collateral was posted on the derivative liability balance as of May 31, 2022 The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
| DERIVATIVE ASSETS
| BALANCE SHEET LOCATION | FEBRUARY 28, |  | MAY 31,
(Dollars in millions) | 2023 |  | 2022
Derivatives formally designated as hedging instruments: |  |  |  |
Foreign exchange forwards and options | Prepaid expenses and other current assets | $ | 530 |  |  | $ | 639 |
Foreign exchange forwards and options | Deferred income taxes and other assets | 100 |  |  | 206 |
Total derivatives formally designated as hedging instruments |  | 630 |  |  | 845 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign exchange forwards and options | Prepaid expenses and other current assets | 21 |  |  | 30 |
Embedded derivatives | Prepaid expenses and other current assets | 5 |  |  | 5 |
Total derivatives not designated as hedging instruments |  | 26 |  |  | 35 |
TOTAL DERIVATIVE ASSETS |  | $ | 656 |  |  | $ | 880 |
| DERIVATIVE LIABILITIES
| BALANCE SHEET LOCATION | FEBRUARY 28, |  | MAY 31,
(Dollars in millions) | 2023 |  | 2022
Derivatives formally designated as hedging instruments: |  |  |  |
Foreign exchange forwards and options | Accrued liabilities | $ | 93 |  |  | $ | 37 |
Foreign exchange forwards and options | Deferred income taxes and other liabilities | 64 |  |  | 11 |
Total derivatives formally designated as hedging instruments |  | 157 |  |  | 48 |
Derivatives not designated as hedging instruments: |  |  |  |
Foreign exchange forwards and options | Accrued liabilities | 19 |  |  | 28 |
Embedded derivatives | Accrued liabilities | 2 |  |  | 1 |
Total derivatives not designated as hedging instruments |  | 21 |  |  | 29 |
TOTAL DERIVATIVE LIABILITIES |  | $ | 178 |  |  | $ | 77 |

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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