Income Taxes (Tables)

12 Months Ended

May 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes for the years ended May 31 were as follows (in millions):

	2024			2023		2022
Current provision
Domestic:
Federal	$	1,184		$	579	$	311
State and local		218			157		120
Foreign		265			209		317
		1,667			945		748
Deferred provision
Domestic:
Federal		(82	)		369		267
State and local		60			37		21
Foreign		(140	)		40		34
		(162	)		446		322
	$	1,505		$	1,391	$	1,070

Schedule of Reconciliation of Total Income Tax Expense and Amount Computed by Statutory Federal Income Tax Rate to Income Before Income Taxes

A reconciliation of total income tax expense and the amount computed by applying the statutory federal income tax to income before income taxes for the years ended May 31 is as follows (dollars in millions):

	2024			2023			2022
Taxes computed at federal statutory rate	$	1,226		$	1,126		$	1,028
Increases (decreases) in income tax from:
U.S. and foreign return-to-provision adjustments		11			(44	)		(142	)
State and local income taxes, net of federal benefit	177				152			116
Foreign operations		65			96			115
Non-deductible expenses		48			40			48
Uncertain tax positions		(21	)		60			(18	)
Benefits from share-based payments		(26	)		(18	)		(13	)
Valuation allowance		59			59			33
Foreign tax rate enactments		—			3			(30	)
State deferred tax remeasurement		54			—			—
Goodwill impairment charges		—			8			—
Other, net		(88	)		(91	)		(67	)
Provision for income taxes	$	1,505		$	1,391		$	1,070
Effective Tax Rate		25.8	%		25.9	%		21.9	%

Schedule of Significant Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities as of May 31 were as follows (in millions):

	2024					2023
	Deferred Tax Assets			Deferred Tax Liabilities		Deferred Tax Assets			Deferred Tax Liabilities
Property, equipment, leases, and intangibles	$	4,597		$	10,815	$	4,608		$	10,965
Employee benefits		744			68		876			—
Self-insurance accruals		1,183			—		1,085			—
Other		561			140		454			62
Net operating loss/credit carryforwards		1,306			—		1,149			—
Valuation allowances		(537	)		—		(471	)		—
	$	7,854		$	11,023	$	7,701		$	11,027

Schedule of Net Deferred Tax Liabilities

The net deferred tax liabilities as of May 31 have been classified in the balance sheets as follows (in millions):

	2024			2023
Noncurrent deferred tax assets(1)	$	1,313		$	1,163
Noncurrent deferred tax liabilities		(4,482	)		(4,489	)
	$	(3,169	)	$	(3,326	)

(1)Noncurrent deferred tax assets are included in the line item “Other Assets” in our accompanying consolidated balance sheets.

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended May 31 is as follows (in millions):

	2024			2023			2022
Balance at beginning of year	$	212		$	169		$	192
Increases for tax positions taken in the current year		5			3			14
Increases for tax positions taken in prior years		4			68			8
Decreases for tax positions taken in prior years		(3	)		(7	)		(15	)
Settlements		(31	)		(15	)		(32	)
Changes due to currency translation		(1	)		(6	)		2
Balance at end of year	$	186		$	212		$	169