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Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Aug. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)
NOTE 10 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
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 May 31, 2019
$
(346
)
$
520

$
115

$
(58
)
$
231

Other comprehensive income (loss):
 
 
 
 
 
Other comprehensive gains (losses) before reclassifications(2)
(89
)
163

—

3

77

Reclassifications to net income of previously deferred (gains) losses(3)
—

(127
)
—

(1
)
(128
)
Total other comprehensive income (loss)
(89
)
36

—

2

(51
)
Balance at August 31, 2019
$
(435
)
$
556

$
115

$
(56
)
$
180

(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, $0 million, $0 million, $0 million and $0 million, respectively.
(3)
Net of tax (benefit) expense of $0 million, $0 million, $0 million, $0 million and $0 million, respectively.
(Dollars in millions)
FOREIGN CURRENCY TRANSLATION ADJUSTMENT(1)

CASH FLOW HEDGES

NET INVESTMENT HEDGES(1)

OTHER

TOTAL

Balance at May 31, 2018
$
(173
)
$
17

$
115

$
(51
)
$
(92
)
Other comprehensive income (loss):
 
 
 
 
 
Other comprehensive gains (losses) before reclassifications(2)
(128
)
142

—

4

18

Reclassifications to net income of previously deferred (gains) losses(3)
—

51

—

(7
)
44

Total other comprehensive income (loss)
(128
)
193

—

(3
)
62

Balance at August 31, 2018
$
(301
)
$
210

$
115

$
(54
)
$
(30
)
(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, $(1) million, $0 million, $0 million and $(1) million, respectively.
(3)
Net of tax (benefit) expense of $0 million, $1 million, $0 million, $0 million and $1 million, respectively.
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 AUGUST 31,
(Dollars in millions)
2019
2018
Gains (losses) on cash flow hedges:
 
 
 
Foreign exchange forwards and options
$
8

$
5

Revenues
Foreign exchange forwards and options
75

(44
)
Cost of sales
Foreign exchange forwards and options
46

(9
)
Other (income) expense, net
Interest rate swaps
(2
)
(2
)
Interest expense (income), net
Total before tax
127

(50
)
 
Tax (expense) benefit
—

(1
)
 
Gain (loss) net of tax
127

(51
)
 
Gains (losses) on other
1

7

Other (income) expense, net
Total before tax
1

7

 
Tax (expense) benefit
—

—

 
Gain (loss) net of tax
1

7

 
Total net gain (loss) reclassified for the period
$
128

$
(44
)