STOCKHOLDERS' (DEFICIT) EQUITY

12 Months Ended

May 31, 2022

Stockholders Equity Note [Abstract]

STOCKHOLDERS' (DEFICIT) EQUITY

11. STOCKHOLDERS’ (DEFICIT) EQUITY

Common Stock Repurchases

Our Board of Directors has approved a program for us to repurchase shares of our common stock. On December 9, 2021, we announced that our Board of Directors approved an expansion of our stock repurchase program by an additional $10.0 billion. As of May 31, 2022, approximately $9.4 billion remained available for stock repurchases pursuant to our stock repurchase program. We repurchased 185.8 million shares for $16.2 billion (including 0.3 million shares for $19 million that were repurchased but not settled), 329.2 million shares for $21.0 billion, and 361.0 million shares for $19.2 billion in fiscal 2022, 2021 and 2020, respectively, under the stock repurchase program.

Our stock repurchase authorization does not have an expiration date and the pace of our repurchase activity will depend on factors such as our working capital needs, our cash requirements for acquisitions and dividend payments, our debt repayment obligations or repurchases of our debt, our stock price, and economic and market conditions. Our stock repurchases may be effected from time to time through open market purchases or pursuant to a Rule 10b5-1 plan. Our stock repurchase program may be accelerated, suspended, delayed or discontinued at any time.

Dividends on Common Stock

During fiscal 2022, 2021 and 2020, our Board of Directors declared cash dividends of $1.28, $1.04 and $0.96 per share of our outstanding common stock, respectively, which we paid during the same period.

In June 2022, our Board of Directors declared a quarterly cash dividend of $0.32 per share of our outstanding common stock. The dividend is payable on July 26, 2022 to stockholders of record as of the close of business on July 12, 2022. Future declarations of dividends and the establishment of future record and payment dates are subject to the final determination of our Board of Directors.

Accumulated Other Comprehensive Loss

The following table summarizes, as of each balance sheet date, the components of our AOCL, net of income taxes:

	May 31,
(in millions)	2022			2021
Foreign currency translation losses	$	(1,482	)	$	(775	)
Unrealized losses on defined benefit plans, net		(210	)		(400	)
Total accumulated other comprehensive loss	$	(1,692	)	$	(1,175	)