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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Aug. 31, 2024
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 August 31, 2024 and May 31, 2024, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:
| AUGUST 31, 2024
(Dollars in millions) | ASSETS AT FAIR VALUE | CASH AND EQUIVALENTS | SHORT-TERM INVESTMENTS
Cash | $ | 1,768 |  | $ | 1,768 |  | $ | — |
Level 1: |  |  |
U.S. Treasury securities | 1,194 |  | 13 |  | 1,181 |
Level 2: |  |  |
Commercial paper and bonds | 615 |  | 19 |  | 596 |
Money market funds | 6,456 |  | 6,456 |  | — |
Time deposits | 236 |  | 229 |  | 7 |
U.S. Agency securities | 25 |  | — |  | 25 |
Total Level 2 | 7,332 |  | 6,704 |  | 628 |
TOTAL | $ | 10,294 |  | $ | 8,485 |  | $ | 1,809 |
| MAY 31, 2024
(Dollars in millions) | ASSETS AT FAIR VALUE | CASH AND EQUIVALENTS | SHORT-TERM INVESTMENTS
Cash | $ | 1,222 |  | $ | 1,222 |  | $ | — |
Level 1: |  |  |
U.S. Treasury securities | 1,175 |  | 155 |  | 1,020 |
Level 2: |  |  |
Commercial paper and bonds | 591 |  | 17 |  | 574 |
Money market funds | 8,119 |  | 8,119 |  | — |
Time deposits | 440 |  | 347 |  | 93 |
U.S. Agency securities | 35 |  | — |  | 35 |
Total Level 2 | 9,185 |  | 8,483 |  | 702 |
TOTAL | $ | 11,582 |  | $ | 9,860 |  | $ | 1,722 |
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:
| AUGUST 31, 2024
| 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) | $ | 175 |  | $ | 165 |  | $ | 10 |  |  | $ | 198 |  | $ | 167 |  | $ | 31 |
Interest rate swaps(1) | 63 |  | — |  | 63 |  |  | — |  | — |  | — |
TOTAL | $ | 238 |  | $ | 165 |  | $ | 73 |  |  | $ | 198 |  | $ | 167 |  | $ | 31 |
(1)If the derivative instruments had been netted on the Unaudited Condensed Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $141 million as of August 31, 2024. As of that date, the Company received $34 million of cash collateral and $12 million of securities from various counterparties on the derivative asset balance and posted $45 million cash collateral on the derivative liability balance.
| MAY 31, 2024
| 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) | $ | 343 |  | $ | 299 |  | $ | 44 |  |  | $ | 120 |  | $ | 115 |  | $ | 5 |
Interest rate swaps(1) | — |  | — |  | — |  |  | 31 |  | — |  | 31 |
TOTAL | $ | 343 |  | $ | 299 |  | $ | 44 |  |  | $ | 151 |  | $ | 115 |  | $ | 36 |
(1)If the derivative instruments had been netted on the Consolidated Balance Sheets, the asset and liability positions each would have been reduced by $142 million as of May 31, 2024. As of that date, the Company received $112 million of cash collateral from various counterparties on the derivative asset balance and posted $10 million cash collateral on the derivative liability balance. The following tables present the fair values of derivative instruments included within the Unaudited Condensed Consolidated Balance Sheets:
| DERIVATIVE ASSETS
| BALANCE SHEET LOCATION | AUGUST 31, | MAY 31,
(Dollars in millions) | 2024 | 2024
Derivatives formally designated as hedging instruments: |  |  |
Foreign exchange forwards and options | Prepaid expenses and other current assets | $ | 139 |  | $ | 269 |
Foreign exchange forwards and options | Deferred income taxes and other assets | 10 |  | 44 |
Interest rate swaps | Deferred income taxes and other assets | 63 |  | — |
Total derivatives formally designated as hedging instruments |  | 212 |  | 313 |
Derivatives not designated as hedging instruments: |  |  |
Foreign exchange forwards and options | Prepaid expenses and other current assets | 26 |  | 30 |
Total derivatives not designated as hedging instruments |  | 26 |  | 30 |
TOTAL DERIVATIVE ASSETS |  | $ | 238 |  | $ | 343 |
| DERIVATIVE LIABILITIES
| BALANCE SHEET LOCATION | AUGUST 31, | MAY 31,
(Dollars in millions) | 2024 | 2024
Derivatives formally designated as hedging instruments: |  |  |
Foreign exchange forwards and options | Accrued liabilities | $ | 161 |  | $ | 110 |
Foreign exchange forwards and options | Deferred income taxes and other liabilities | 31 |  | 5 |
Interest rate swaps | Deferred income taxes and other liabilities | — |  | 31 |
Total derivatives formally designated as hedging instruments |  | 192 |  | 146 |
Derivatives not designated as hedging instruments: |  |  |
Foreign exchange forwards and options | Accrued liabilities | 6 |  | 5 |
Total derivatives not designated as hedging instruments |  | 6 |  | 5 |
TOTAL DERIVATIVE LIABILITIES |  | $ | 198 |  | $ | 151 |

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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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